Enbridge agreed to acquire the crude oil business of Blackstone-owned Tallgrass Energy for approximately $2.55 billion in cash. The transaction is expected to close in late 2026, pending regulatory approvals.
The deal includes a 75% stake in the 1,050-mile Pony Express Pipeline. This system transports crude oil from the Rocky Mountain region to the storage and pricing hub in Cushing, Oklahoma.
Enbridge also acquires a 51% holding in the Powder River Gateway system. The purchase adds 8.4 million barrels of storage capacity and a crude oil marketing business.
The acquisition expands Enbridge's footprint in the U.S. Rockies. It strengthens the company’s position as a leading North American crude oil transporter.