Energy Transfer LP (NYSE: ET) has completed its merge agreement with Enable Midstream Partners LP (NYSE: ENBL). The deal follows the approval of Enable’s two larges share holders, CenterPoint Energy, Inc. and OGE Energy Corp. which owned a combination of around 79% of Enables common units.
Following the deal, Enable’s common stock will cease trading on the New York Stock Exchange. Energy Transfer will now own and operate 114,000 miles of pipeline and related assets across 41 states. The combined operations is expected to generate annual run-rate cost and efficiency synergies of over $100 million.
The deal strengthens Energy Transfer’s midstream and gas transportation system through the addition of Enable’s gas gathering and processing assets and its intrastate and interstate pipelines.