Energy Transfer’s $7.2 billion Acquisition of Enable Midstream Partners

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.

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 Weston Kowert; 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 partner Julia Sanabria and senior associate Naheem Harris.

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; Palmina Fava – Paul Hastings; Andrew Beach – Vinson & Elkins LLP; Sean Becker – Vinson & Elkins LLP; Mariam Boxwala – Vinson & Elkins LLP; Ryan Carney – Vinson & Elkins LLP; Farah Chranya – Vinson & Elkins LLP; Alex Cross – Vinson & Elkins LLP; Matthew Dobbins – Vinson & Elkins LLP; Debra Duncan – Vinson & Elkins LLP; Matthew Fiorillo – Vinson & Elkins LLP; Stephen Gill – Vinson & Elkins LLP; Peter Goetschel – Vinson & Elkins LLP; Matthew Greenberg – Vinson & Elkins LLP; Naheem Harris – Vinson & Elkins LLP; Sean Hill – Vinson & Elkins LLP; Carla Jordan-Detamore – Vinson & Elkins LLP; Devika Kornbacher – Vinson & Elkins LLP; Weston Kowert – Vinson & Elkins LLP; Elizabeth Krabill McIntyre – Vinson & Elkins LLP; Michael Malenfant – Vinson & Elkins LLP; Andrew Mandelbaum – Vinson & Elkins LLP; Laura Muse – Vinson & Elkins LLP; David Palmer Oelman – Vinson & Elkins LLP; Austin Pierce – Vinson & Elkins LLP; Heather Reynolds Johnson – Vinson & Elkins LLP; Scott Rubinsky – Vinson & Elkins LLP; Julia Sanabria – Vinson & Elkins LLP; Darin Schultz – Vinson & Elkins LLP; James Seegers – Vinson & Elkins LLP; David Smith – Vinson & Elkins LLP; Daniel Spelkin – Vinson & Elkins LLP; Natalie Stanley – Vinson & Elkins LLP; Brandon Tuck – Vinson & Elkins LLP; Shane Tucker – Vinson & Elkins LLP; Hill Wellford – Vinson & Elkins LLP; Daniel Wicoff – Vinson & Elkins LLP; Ryan Will – Vinson & Elkins LLP;

Law Firms: Baker Botts; Latham & Watkins; Paul Hastings; Vinson & Elkins LLP;

Clients: Enable Midstream Partners; Energy Transfer LP;

Author: Martina Bellini