Dow will sell infrastructure stake

Dow is selling a 40% stake in its infrastructure assets on the Gulf Coast to Macquarie Asset Management for $2.4 billion. The deal includes pipelines, power and steam generation plants, and other infrastructure that serve five Dow sites in Texas and Louisiana. The operations will be organized as a joint venture called Diamond Infrastructure Solutions. Macquarie has the option to bring its interest up to 49% within 6 months after the deal closes next year.