Energy Transfer to Acquire Enable Midstream in $7B All-Equity Transaction

Vinson & Elkins advised Enable Midstream Partners, LP (“Enable”), in connection with a merger agreement in which Energy Transfer LP (“ET” or “Energy Transfer”) will acquire Enable in an all-equity transaction valued at approximately $7.2 billion.

Under the terms of the agreement, Enable common unitholders will receive 0.8595 ET common units for each Enable common unit, an exchange ratio that represents an at-the-market transaction, based on the 10-day volume-weighted average price of ET and Enable common units on February 12, 2021. The transaction will include a $10 million cash payment for Enable’s general partner.

The V&E team was led by partners David Oelman, Steve Gill and Scott Rubinsky with assistance from associates Mariam Boxwala, Farah Chranya, Danny Wicoff, Matt Fiorillo and Natalie Stanley. Also advising were partners Ryan Carney and Debra Duncan and associate Andrew Mandelbaum; partner Shane Tucker, senior associate Heather Johnson and associate Matt Green; partner Sean Becker and associate Peter Goetschel; partner Hill Wellford, counsel David Smith and senior associate Ryan Will; partner Darin Schultz, senior associate Alex Cross and associate Jyra Bickham; counsel Dan Spelkin; partner Jay Seegers, counsel Andrew Beach and senior associate Michael Malenfant; partner Matthew Dobbins, counsel Brandon Tuck and associates Simon Willis and Austin Pierce; partner Palmina Fava, senior associate Carla Jordan-Detamore and associate Laura Muse; counsel Elizabeth McIntyre; partner Devika Kornbacher and senior associate Sean Hill; and senior associate Naheem Harris.

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