Brookfield Asset Management is emerging as the frontrunner to acquire Colonial Pipeline, in a deal that could value the pipeline operator at $10 billion or more including debt, according to Bloomberg News. The investment firm is seen as the strongest contender after final offers were submitted last week.

Colonial’s pipeline system stretches over 5,500 miles from Houston in Texas to New York’s harbor, moving 100 million gallons of fuel daily, including gasoline, jet fuel, diesel, and heating oil. Talks are ongoing, and no final decisions have been taken. Some of Colonial Pipeline’s backers could opt to retain stakes in any deal.

Brookfield declined to comment when contacted, while a spokesperson for Colonial Pipeline directed all queries around its ownership to its owners. Reuters reported in June last year that some of the pipeline’s owners were exploring divesting their stakes. Colonial Pipeline is owned by Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ), IFM Investors, KKR, Shell, and Koch.