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Investing.com -- Brookfield Asset Management (TSX:BAM) is nearing a deal to purchase Colonial Pipeline, the biggest fuel transportation system in the U.S, for a sum exceeding $9 billion, inclusive of debt, according to a Reuters report on Monday.
The asset manager, based in New York, has emerged as the top contender in the auction process. This process has been ongoing for several months under the supervision of the pipeline’s five owners, according to the report.
Provided there are no unexpected issues, an official announcement of the deal between Brookfield and the pipeline’s owners is anticipated in the forthcoming weeks, the report added.
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