Energy Transfer $7.2 billion acquisition of Enable Midstream

Overview:

• Oil and natural gas company Energy Transfer entered into an agreement to acquire fellow oil and natural gas firm Enable Midstream Partners for $7.2 billion.
• The acquisition is an all-equity transactions, with each Enable common shareholder receiving 0.8595 Energy Transfer shares per Enable share. Each Enable Series A preferred shareholder will receive 0.0265 Series G preferred Energy Transfer shares pre Enable share. Enable’s general partner will always receive a $10 million cash payment. The deal is expected to close in mid-2021.
• Citi and RBC Capital markets are the financial advisors to Energy Transfer. Goldman Sachs is the financial advisor to Enable Midstream and Intrepid Partners is the financial advisor for the Enable conflicts committee.

Chynna Lewis - Researcher