Ares Management Acquires Meade Pipeline to Enhance Energy Infrastructure Portfolio

Ares Management Corporation (NYSE: ARES) ("Ares"), a leading global alternative investment manager, announced today that funds led by its Infrastructure Opportunities strategy (the "Ares funds") have acquired 100% of the equity interests in Meade Pipeline Co LLC ("Meade") from affiliates of XPLR Infrastructure, LP ("XPLR"), a leading independent power producer formed by NextEra Energy, Inc. ("NextEra"). The investment represents a total cash consideration of approximately $1.1 billion.

Meade owns approximately 40% of the Central Penn Line ("CPL"), a FERC-regulated, 180-mile pipeline that transports natural gas from prolific production zones in the Marcellus and Utica Shale in Northeast Pennsylvania to demand centers in the Northeast, Mid-Atlantic and Southeast via interconnection with Williams Companies' Transcontinental Gas Pipe Line ("Transco"). Transco is a joint owner of CPL and serves as operator of the pipeline via two separate long-term triple-net-lease agreements. The pipeline began transporting gas in 2018 and, coupled with its Leidy South expansion that was completed in 2022, represents approximately 2.3 bcf/day of gross capacity.

Leveraging the experience and established track record of its approximately 30 tenured investment professionals, Ares Infrastructure Opportunities believes the acquisition of Meade will advance its strategy of investing in critical infrastructure that supports access to cost-competitive, reliable energy. The transaction further diversifies Ares Infrastructure Opportunities' portfolio of energy assets, which the team believes are well-positioned to help meet the sharply rising demand for power in key U.S. markets, including across the East Coast.

"Driven by electrification, industrial activity and increasing LNG exports, we are witnessing tremendous growth in power and natural gas demand," said Steve Porto, Partner in the Ares Infrastructure Opportunities strategy. "This investment reflects our conviction in Meade's value proposition as well as our broader focus on identifying quality, strategically-located assets that can efficiently deliver lower-cost energy to demand centers."

Morgan Stanley & Co. LLC and Wells Fargo jointly served as financial advisor to the Ares funds in connection with the transaction, and Sidley Austin LLP acted as legal counsel. J.P. Morgan served as financial advisor and Hogan Lovells acted as legal counsel to XPLR.

About Ares Management Corporation

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to advance our stakeholders' long-term goals by providing flexible capital that supports businesses and creates value for our investors and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2025, Ares Management Corporation's global platform had over $572 billion of assets under management, with operations across North America, South America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

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