Tuesday, November 30, 2021
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EnLink Midstream announces interest acquisition

🕐 1 min read

EnLink Midstream Partners LP has acquired the remaining 25 percent equity interest in EnLink Midstream Holdings LP from EnLink Midstream LLC for about $900 million of newly issued partnership common units.

The acquisition sees the Dallas-based partnership holding 100 percent of EnLink Midstream Holdings, which owns the assets that Devon Energy Corp. contributed to EnLink Midstream in March 2014.

Those assets include gathering and processing systems in North Texas and Oklahoma, as well as an economic interest in Gulf Coast Fractionators located in Mont Belvieu, Texas.

“The completion of this dropdown marks an important milestone in EnLink Midstream’s strategic growth plan,” said Barry E. Davis, president and CEO of EnLink Midstream, commenting in a news release.

“As the final dropdown of Devon’s legacy assets from the general partner [EnLink Midstream LLC] to the partnership, this transaction enables us to achieve our stated goal of creating a pure-play general partner,” Davis said.

The transaction has been approved by various boards of directors of the corporation. A committee comprised of independent directors engaged Simmons & Co. International to act as its independent financial adviser, with Morris, Nichols, Arsht & Tunnell LLP acting as its independent legal counsel.

EnLink Midstream Partners is a processing and gathering company whose assets are located in the Barnett Shale, Permian Basin, Cana-Woodford Shale, Arkoma-Woodford Shale, Eagle Ford Shale, Haynesville Shale, Gulf Coast region, Utica Shale and Marcellus Shale. It operates more than 9,100 miles of gathering and transportation pipelines, 16 processing plants with 3.6 billion cubic feet per day of processing capacity, and seven fractionators with 280,000 barrels per day of fractionation capacity, among other assets.

More information is available at www.EnLink.com.

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