Latham & Watkins LLP represented Energy Transfer in the transaction, while Vinson & Elkins LLP represented Enable. Richards, Layton & Finger, PA acted as legal counsel to Enable’s conflicts committee.
Energy Transfer LP (NYSE: ET) and Enable Midstream Partners, LP (NYSE: ENBL) have entered into a definitive merger agreement whereby Energy Transfer will acquire Enable in an all-equity transaction valued at approximately US$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. In addition, each outstanding Enable Series A preferred unit will be exchanged for 0.0265 Series G preferred units of Energy Transfer. The transaction will include a US$10 million cash payment for Enable’s general partner.
Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins.
Enable (NYSE: ENBL) owns, operates and develops strategically located natural gas and crude oil infrastructure assets.
Latham & Watkins LLP represented Energy Transfer in the transaction with a corporate deal team led by Houston partners Bill Finnegan (Picture) and Kevin Richardson, with associates Thomas Verity, Daniel Harrist, Madeleine Neet, Luke Strother, Austin Johnson, and Michael Basist. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee and Los Angeles partner Larry Stein, with associates Michael Rowe and Dominick Constantino; on finance matters by Houston partners Craig Kornreich and Pamela Kellet, with associate Matthew Snodgrass; on antitrust matters with Washington, D.C. partner Jason Cruise and Washington, D.C. counsel Peter Todaro; on environmental matters by Houston partner Joel Mack and Los Angeles counsel Joshua Marnitz; on regulatory matters by Washington, D.C. partner Eugene Elrod, with associate Christopher Randall; and on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum, with associate Courtney Thomson.
Involved fees earner: Dominick Constantino – Baker Botts; Michael Basist – Latham & Watkins; Jason Cruise – Latham & Watkins; Eugene Elrod – Latham & Watkins; Timothy Fenn – Latham & Watkins; William Finnegan – Latham & Watkins; Daniel Harrist – Latham & Watkins; Austin Johnson – Latham & Watkins; Pamela Kellet – Latham & Watkins; Adam Kestenbaum – Latham & Watkins; Craig Kornreich – Latham & Watkins; Bryant Lee – Latham & Watkins; Joel Mack – Latham & Watkins; Joshua Marnitz – Latham & Watkins; Madeleine Neet – Latham & Watkins; Christopher Randall – Latham & Watkins; Kevin Richardson – Latham & Watkins; Michael Rowe – Latham & Watkins; Matthew Snodgrass – Latham & Watkins; Laurence Stein – Latham & Watkins; Luke Strother – Latham & Watkins; Courtney Thomson – Latham & Watkins; Peter Todaro – Latham & Watkins; Thomas Verity – Latham & Watkins;
Clients: Energy Transfer LP;