The two largest unitholders in Enable Midstream Partners LP gave their approval to the $7 billion merger of the company with Dallas-based Energy Transfer LP.
Enable and Energy Transfer announced the unitholders delivered their written consents in support of the merger following an SEC filing of Form S-4 last week.
These unitholders, CenterPoint Energy, Inc. (CNP) and OGE Energy Corp (OGE), own approximately 79% of Enable’s outstanding common units.
While the consents of CNP and OGE are sufficient to approve the transaction, Enable is requesting all its common unitholders approve the merger and other proposals outlined in the Registration Statement by executing and returning the written consent furnished with the filing. Energy Transfer and Enable expect the transaction to close in mid-2021, subject to the satisfaction of customary closing conditions, including Hart-Scott-Rodino clearance.
Energy Transfer and Enable Midstream announced their agreement to merge in mid-February. As part of the merger, Energy Transfer will acquire Enable in an all-equity transaction valued at nearly $7.2 billion. Under the terms of the agreement, unitholders in Enable will receive 0.8595 Energy Transfer common units for each Enable common unit.
The transaction will include a $10 million cash payment for Enable’s general partner.