Brookfield Infrastructure Partners (BIP) said late Thursday it agreed to acquire Colonial Enterprises, which includes the Colonial Pipeline refined products system, for about $9 billion.

The transaction is expected to complete in H2, subject to customary conditions.

Brookfield Infrastructure's equity investment is expected to be $500 million upon completion of the deal, representing 15% of the the total equity investment, and financed entirely by proceeds from recent capital recycling initiatives, the company said.

Brookfield Infrastructure is the infrastructure company of Brookfield Asset Management (BAM).

In a separate statement, Shell (SHEL) said its Shell Midstream Operating unit agreed to sell its 16.125% stake in Colonial Enterprises to Brookfield Infrastructure subsidiary Colossus AcquireCo and its institutional partners for $1.45 billion.

Colonial's pipeline system spans 5,500 miles between Texas and New York.