A $9 billion deal for control of the largest fuel pipeline in the U.S. – a portion of which stretches through Alabama – is close to conclusion.

Reuters is reporting that New York-based Brookfield Asset Management is finalizing its acquisition of Colonial Pipeline, which spans more than 5,500 miles from Houston to New York.

The asset manager is the apparent winner of an auction process that took several months, according to anonymous sources.

The pipeline is currently owned by five entities, including Shell, Koch Industries and investment firm KKR.

The pipeline moves more than 100 million gallons of fuel daily, including gasoline, jet fuel, diesel and heating oil.

The pipeline’s stretch through Alabama made news when a leak and explosion occurred almost nine years ago in Shelby County.

The Sept. 9, 2016 incident involved a massive leak in the below-ground pipeline, at the site of an inactive coal mine near the Cahaba River Wildlife Management Area. A mining inspector detected the leak and notified authorities.

Approximately 7,370 barrels, or 309,540 gallons, of gasoline were released in that incident. The pipeline was shut down for several days following the detection of the leak, leading to gas shortages and price spikes across much of the eastern United States.

On Oct. 31, 2016, a crew attempted to build a 75-foot-long earthen dam to contain burning fuel, which would be allowed to burn itself out. A resulting explosion killed two workers and injured four others, in addition to causing two wildfires that burned 31 acres of land. Witnesses said the explosion sent a ’geyser’ of burning gasoline 100 feet in the air.

The fire burned for more than three days at the site before it was extinguished. Another 4,444 barrels of gasoline were released.

Colonial eventually paid a $3.3 million settlement with the state to resolve environmental claims.

Then in 2021, Colonial Pipeline paid $4.4 million in ransom payment to get its system back online following a ransomware attack that shut the pipeline down, once again prompting price hikes.