ENLINK MIDSTREAM, LLC DROPS DOWN 25 PERCENT INTEREST IN ENLINK MIDSTREAM HOLDINGS

EnLink Midstream Partners, LP today announced that it has acquired a 25 percent equity interest in EnLink Midstream Holdings, LP from EnLink Midstream, for approximately $925 million. The transaction consideration consists entirely of Partnership units, resulting in the issuance of approximately 31.6 million units to the General Partner. The Partnership’s total equity interest in EMH is now 75 percent, with the General Partner owning the remaining 25 percent interest. The acquisition will be immediately accretive to the Partnership, with the transaction value representing an approximate nine times multiple of estimated adjusted EBITDA of EMH for 2015. EMH owns the assets that Devon Energy Corporation contributed to EnLink Midstream in March 2014, which include gathering and processing systems in North Texas and Oklahoma. The assets are supported by long-term, fixed-fee contracts with minimum volume commitments. The drop down of the remaining 25 percent equity interest in EMH is exp
http://www.shaledirectories.com/blog/enlink-midstream-llc-drops-down-25-percent-interest-in-enlink-midstream-holdings/