Enable Midstream Partners, LP (NYSE: ENBL) today announced it has closed on its previously announced agreement to acquire Align Midstream, LLC, a midstream company with natural gas gathering and processing facilities in the Cotton Valley and Haynesville plays of the Ark-La-Tex Basin, for approximately $300 million, subject to certain customary post-closing adjustments.
“We are pleased to complete this acquisition, which extends our Ark-La-Tex footprint in active areas of the basin and is expected to be accretive to our 2018 distributable cash flow per unit,” said Enable Midstream President and CEO Rod Sailor. “We are excited about the increasing development in the area, and the integration of these new assets will allow us to further optimize our midstream platform in the region and provide our new customers with an expanded suite of midstream services.”
The Align acquisition includes approximately 190 miles of natural gas gathering pipelines across Rusk, Panola and Shelby counties in Texas and DeSoto Parish in Louisiana and a cryogenic natural gas processing plant in Panola, Texas, with a capacity of 100 million cubic feet per day. These assets are underpinned with long-term, fee-based contracts, including approximately 100,000 gross acres of dedication from producer customers.
Source: Enable Midstream Partners, LP
Date: Oct 5, 2017