Oklahoma City’s Enable Midstream Partners on Sunday set an April 8 date to officially determine and identify holders of its common units in order to continue with the $7.2 billion acquisition by Energy Transfer LP of Dallas.
Under the terms originally announced in February, Enable’s common unitholders will receive 0.8595 Energy Transfer common units for each Enable common unit.
Following Sunday’s decision, Enable said that only holders of record of its common units at the close of business on April 8, 2021 would be notified and be entitled to execute and deliver a written consent.
The acquisition will greatly increase Energy Transfer’s footprint across Oklahoma and other states and also increase Energy Transfer’s connectivity for its natural gas and NGL transportation businesses.
Energy Transfer stated at the time of the acquisition that it would significantly strengthen its NGL infrastructure by adding natural gas gathering and processing assets in the Anadarko Basin in Oklahoma and integrate high-quality assets with Energy Transfer’s existing NGL transportation and fractionation assets on the U.S. Gulf Coast. The acquisition will also provide gas gathering and processing assets in the Arkoma basin across Oklahoma and Arkansas, as well as the Haynesville Shale in East Texas and North Louisiana.
The transaction will include a $10 million cash payment for Enable’s general partner.