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EnCap Flatrock Midstream is exploring the sale of Momentum Midstream, a gas pipeline company, with an estimated value exceeding $5 billion. The private equity firm is in early discussions with financial advisers to find a potential buyer, which may include competitors and other private equity firms.

If a sale occurs, it would rank among the largest transactions in the midstream sector in recent years. Momentum operates 4,000 miles of pipeline and serves various LNG facilities and power plants.