Natural Gas Pipeline Acquisition, Largest for GE Commercial Finance Energy Financial Services, Caps Year of Record Growth
GE Commercial Finance Energy Financial Services, in partnership with Southern Union Company (NYSE: SUG), completed the acquisition today of CrossCountry Energy, a 7,400–mile natural gas pipeline network spanning most of the region from Florida to California. This $2.45 billion purchase is GE Commercial Finance Energy Financial Services' largest in natural gas transportation and caps a year of record growth and diversification.
Diversification beyond electric power investments has been a key to GE Commercial Finance Energy Financial Services' double–digit growth this year. Other strategic actions include growing in oil and gas reserves and electricity transmission and distribution. In addition, GE Commercial Finance Energy Financial Services has been expanding into energy acquisition and permanent debt financing, debt placement agent work, middle–market commercial financing and emerging technology financing.
“Our partnership with Southern Union reflects our keen interest in teaming up with leading energy companies to help them grow.”Alex Urquhart
President and CEO of GE Commercial Finance Energy Financial Services
The CrossCountry network, acquired from Enron, comprises Transwestern Pipeline Company and Citrus Corp., with a combined natural gas capacity of about 4.2 billion cubic feet per day. CrossCountry Energy owns 100 percent of the Transwestern Pipeline and 50 percent of Citrus. Southern Union will operate the network under a management agreement.
Note: The joint Southern Union/GE Commercial Finance Energy Financial Services press release follows this announcement.