By Angela Macdonald-Smith
Bloomberg

Babcock & Brown Ltd., Australia's second-largest investment bank, led a group that bought an 80 percent stake in the biggest gas pipeline operator supplying Chicago-area power stations.

The purchase values Natural Gas Pipeline Co. of America at $6.6 billion including debt, Sydney-based Babcock & Brown said today in a statement. Babcock & Brown Infrastructure Group, a fund managed by the bank, will own 32 percent of the pipeline, becoming its largest shareholder.

The pipeline company is the biggest U.S. investment for the infrastructure investor known as BBI, which will use cash raised for an unsuccessful $2.2 billion bid for utility owner NorthWestern Corp.

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Posted by dcjaya at December 12, 2007 12:44 PM