Ares Buys 32.4% Stake in Rover Pipeline from Blackstone

Ares Management Corporation said that funds led by its Infrastructure Opportunities strategy have acquired a 32.4% stake in the Rover Pipeline from funds managed by Blackstone Energy Transition Partners.

The transaction gives Ares exposure to a large-scale natural gas transmission asset that provides critical connectivity from the Appalachian Basin to high‑value end markets across North America. The Rover system spans roughly 700 miles across Pennsylvania, West Virginia, Ohio, and Michigan and is operated by an affiliate of Energy Transfer LP.

“Large-scale, strategically located assets like Rover, which offer much-needed egress for in-basin supply, are playing a central role in the natural gas value chain and represent a compelling opportunity for expansion,” said Anthony Omokha, managing director in Ares Infrastructure Opportunities.

The Ares team expects to support Rover’s role in providing long-haul takeaway capacity from the Appalachian Basin to demand centers nationwide.

Blackstone acquired its interest in Rover in 2017 and helped back the pipeline’s development and completion in 2018. David Foley, global head of Blackstone Energy Transition Partners, said, “As the need for U.S. natural gas continues to grow – driven by electrification, AI-related power generation and LNG exports – assets like Rover play an increasingly important role in connecting domestic supply to demand markets.”

As of December 31, 2025, Ares oversaw nearly $623 billion in assets under management across its global platform, while Blackstone Energy Transition Partners has committed more than $27 billion of equity globally across energy sectors.

Kirkland & Ellis advised Ares on the deal, with RBC Capital Markets and Greenhill & Co., a Mizuho affiliate, serving as financial advisors and Vinson & Elkins advising Blackstone.