Crescent Midstream Operating to acquire a 36% stake in Cameron Highway Oil Pipeline System from Genesis Energy for $418m.

Crescent Midstream Operating agreed to acquire a 36% stake in Cameron Highway Oil Pipeline System, a 380-mile, 24 and 30-inch oil pipeline, from Genesis Energy, a New Zealand publicly listed electricity generation and electricity, natural gas and LPG retailing company, for $418m. With a 64% stake in CHOPS, Genesis will continue to operate the pipeline. The company’s sold stake in the pipeline system at an 8/8ths valuation of $1.16bn.