San Mateo Midstream has agreed to acquire Cardinal Delaware Basin, and Cardinal New Mexico from Cardinal Midstream and its financial sponsor, EnCap Flatrock Midstream, for $752 million.
Cardinal Midstream, headquartered in Dallas, operates nearly 150 miles of high- and low-pressure natural gas gathering pipelines and 320 MMcf/d of natural gas processing capacity in the core of the Delaware Basin. San Mateo Midstream is a Delaware Basin-focused midstream company that owns and operates natural gas gathering, processing and transportation infrastructure across the Permian Basin.
Willkie Farr & Gallagher served as legal counsel to Cardinal, while Baker Botts and O’Melveny & Myers advised San Mateo.