Kansas City-based CorEnergy Infrastructure Trust Inc. has acquired a 263-mile pipeline system that supplies natural gas to the St. Louis area for $125 million.
CorEnergy said its purchase of the MoGas Pipeline System is expected to be completed later this month. CorEnergy said it will finance the acquisition through a combination of borrowing and using proceeds from a recent public offering of stock.
The MoGas pipeline originates in northeast Missouri and extends into western Illinois and central Missouri. Its primary customers are Laclede Gas and Ameren Missouri, which both serve the St. Louis area with natural gas distribution. The pipeline also serves small municipalities in central Missouri.
CorEnergy’s assets include pipelines, storage tanks and transmission lines.
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