EnLink Midstream Partners LP (NYSE: ENLK) and EnLink Midstream LLC (NYSE: ENLC) have closed a $600 million deal for Coronado Midstream Holdings LLC.
Coronado owns natural gas gathering and processing facilities in the Permian Basin, which is in west Texas. Coronado has three cryogenic gas processing plants, operates about 360 miles of gas-gathering pipelines and offers oil logistics services. The business was founded by a group of independent producers and partners, including Reliance Energy, Wxford capital LP, Gulfport Energy Corp., Wallace Family Partnership LP and Ted Collins.
The Dallas-based EnLink businesses own oil and gas assets in North America.
The deal comes amid low crude oil prices, which dealmakers expect to cause a decline in the acquisition price of energy-related assets. For more, see Investors Flow Into Oil & Gas.
For more on the energy sector, see Low Energy Bills May Boost M&A in Consumer Goods and Retail Sector.