- Some of Colonial Pipeline's owners are exploring divesting their stakes, hoping they can fetch prices that would value the largest U.S. fuel transportation system in excess of $10 billion, according to people familiar with the matter.
The sources cautioned that no transaction is certain and asked not to be identified because the matter is confidential. A cyberhack caused a days-long shutdown of Colonial's pipeline in 2021, disrupting fuel supplies to thousands of filling stations and airports.Colonial had failed to plan and prepare for a manual restart and shutdown operation, which exacerbated the fallout, the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration found at the time.
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