Upon closing of the merger, OGE Energy owns approximately three percent of the outstanding limited partner units of Energy Transfer
Energy Transfer merges with Enable Midstream Partners.(Credit: David Mark from Pixabay .)
OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company (“OG&E”) today announced the completion of the merger between Energy Transfer LP and Enable Midstream Partners LP.
“We are pleased to announce the successful merger between Energy Transfer and Enable and I thank Enable and its employees for their hard work and dedication over the years,” said Sean Trauschke, Chairman, President, and CEO of OGE Energy Corp. “This merger is an important step in OGE’s plan to become a pure-play electric utility. The strength of our balance sheet remains a competitive advantage for the company, supports our intention to exit a majority of the Energy Transfer investment by the end of 2022, and allows for continued investment in the electric utility and the communities we serve.”
On December 2, 2021, Energy Transfer LP, a Delaware limited partnership (“Energy Transfer”), completed its previously announced acquisition of Enable pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated as of February 16, 2021, by and among Enable, Energy Transfer and certain other Energy Transfer merger subsidiaries. In the merger, among other things, all of the 110,982,805 common units of Enable owned by OGE Energy were exchanged for 95,389,720 common units of Energy Transfer. Upon closing of the merger, OGE Energy owns approximately three percent of the outstanding limited partner units of Energy Transfer. Energy Transfer is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, NGLs and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. As part of the transaction, Energy Transfer also acquired the general partner interests of Enable from OGE Energy Corp. and CenterPoint Energy, Inc., a Texas corporation (“CenterPoint”), the other sponsor of the Partnership, for $10 million in aggregate cash consideration. Further, upon closing of the merger, CenterPoint will pay OGE Energy $30 million.
Source: Company Press Release