According to Bloomberg News, sources familiar with the matter have revealed that Brookfield Asset Management is currently the leading candidate to acquire Colonial Pipeline. The deal is expected to value the pipeline operator at $10 billion or more, including debt. Following the submission of final offers last week, the investment firm has emerged as the most promising contender.

Colonial Pipeline operates a vast pipeline network spanning 5,500 miles from Houston, Texas, to New York Harbor. It facilitates the transportation of 100 million gallons of fuel daily, comprising gasoline, jet fuel, diesel, and heating oil. Negotiations are still ongoing, and no conclusive decisions have been made yet. It is possible that some of Colonial Pipeline's current stakeholders may choose to retain ownership stakes in any potential agreement.

Brookfield refrained from providing any comments on the matter when approached by Reuters. For questions regarding ownership, Colonial Pipeline advised directing inquiries to its current owners, which include Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), IFM Investors, KKR, Shell, and Koch. Last year, sources mentioned that certain stakeholders were contemplating selling their interests in the pipeline.

Seher Dareen, reporting from Bengaluru, contributed to this article, with editing by Shilpi Majumdar and Shailesh Kuber.