Brookfield Asset Management (BAM.TO) is on the verge of finalizing a multibillion-dollar acquisition of Colonial Pipeline, the largest fuel transportation network in the U.S., for over $9 billion, including debt, according to sources familiar with the matter.

The New York-based investment firm has emerged as the leading bidder after months of negotiations led by Colonial’s five owners, insiders revealed on Monday. Given the confidential nature of the talks, the sources requested anonymity.

If no last-minute hurdles arise, the deal could be officially announced within the next few weeks, the sources added.

Reuters first reported in June that the pipeline’s stakeholders—including Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), energy giant Shell (SHEL.L), and private equity firm KKR (KKR.N)—had begun considering a sale.

Brookfield, CDPQ, KKR, IFM, and Shell all declined to comment on the matter. A Colonial Pipeline spokesperson redirected inquiries to the company’s owners, while Koch Industries did not immediately respond to requests for comment.

Colonial Pipeline spans over 5,500 miles, running from Houston, Texas, to the New York harbor, transporting more than 100 million gallons of fuel daily, including gasoline, diesel, jet fuel, and heating oil, as per the company’s website.

CDPQ acquired its stake in Colonial for $850 million in 2012 from ConocoPhillips (COP.N). IFM Investors and KKR purchased their respective 15.8% and 23.4% stakes in 2007 and 2010. Shell consolidated its 16.13% holding in 2019, while a Koch Industries subsidiary has maintained its 28.1% ownership since 2003.

Bloomberg had previously reported in March that Brookfield was leading the race to acquire Colonial Pipeline for over $10 billion.