Summary
Energy Transfer LP (ET) has officially completed its acquisition of Enable Midstream Partners, LP, as of December 2, 2021. This merger, detailed in the Agreement and Plan of Merger, consolidates Enable under ET's ownership, with Enable operating as a wholly owned subsidiary. The transaction involved an exchange of Enable common units for ET common units at a ratio of 0.8595 ET common units per Enable common unit, and a cash payment of $10 million to holders of Enable's General Partner interests. In conjunction with the merger, ET has entered into a registration rights agreement with former Enable sponsors, CenterPoint Energy, Inc. (CNP) and OGE Energy Corp., granting them customary rights to require ET to register and potentially underwrite their newly acquired ET common units. This move signifies the full integration of Enable into ET's operations and capital structure. Additionally, ET announced the upcoming retirement of its Chief Operating Officer, Matthew S. Ramsey, effective April 1, 2022, though he will remain on the Board of Directors.
Key Highlights
- 1Completion of the acquisition of Enable Midstream Partners, LP by Energy Transfer LP on December 2, 2021.
- 2Enable Midstream Partners, LP is now a wholly owned subsidiary of Energy Transfer LP.
- 3Enable common unitholders received 0.8595 ET common units for each Enable common unit owned.
- 4Holders of Enable's General Partner interests received an aggregate of $10 million in cash.
- 5Energy Transfer LP entered into a registration rights agreement with CenterPoint Energy, Inc. and OGE Energy Corp.
- 6Chief Operating Officer Matthew S. Ramsey announced his intention to retire effective April 1, 2022, and will remain on the Board of Directors.