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Energy Transfer all-stock acquisition to involve preferreds
Chicago, Feb. 18 – Energy Transfer LP announced that it will be acquiring Enable Midstream Partners, LP in a press release.
The over $7 billion transaction will be an all-equity deal.
One portion of the deal, outside of the common unit part of the transaction, involves exchanging each of Enable’s series A preferreds for 0.0265 series G preferred units of Energy Transfer.
The Enable series A preferreds were issued in 2016 to CenterPoint Energy, Inc. in a private placement transaction.
Energy Transfer sold $1.1 billion of 7.125% series G fixed-rate reset cumulative perpetual preferred units on Jan. 7, 2020.
The transaction is expected to close in mid-2021.
Dallas-based Energy Transfer Partners owns and operates a portfolio of energy assets.
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