EnLink Buys Remaining 25% Stake In EnLink Midstream Holdings

(RTTNews) - EnLink Midstream Partners LP (ENLK) on Wednesday said it has acquired the remaining 25 percent equity interest in EnLink Midstream Holdings LP from EnLink Midstream LLC (ENLC) for about $900 million of newly issued Partnership common units.

The Partnership now holds 100 percent of EnLink Midstream Holdings, which owns the assets that Devon Energy Corp contributed to EnLink Midstream in March 2014.

The acquisition is immediately accretive to distributable cash flow per common unit of the Partnership, with the transaction value representing an approximate nine times multiple of estimated adjusted EBITDA of EnLink Midstream Holdings for 2015.