GIP to buy Devon’s EnLink Midstream interests for $3.125 billion

An affiliate of independent infrastructure fund manager Global Infrastructure Partners (GIP) has entered into an agreement with Devon Energy Corp., Oklahoma City, to acquire Devon’s aggregate ownership interests in EnLink Midstream Partners LP and EnLink Midstream LLC for $3.125 billion.

After the transaction closes, which is expected early in the third quarter, GIP will own about 64% limited partner equity interest in EnLink Midstream and about 23% limited partner equity interest in EnLink Midstream Partners.

Through its long-term commercial contracts with Devon, EnLink will continue to maintain a “strong commercial relationship” with Devon while the companies work alongside each other to maximize returns in the STACK, redevelop the Barnett shale, and team on new potential opportunities, such as crude gathering in the Delaware basin,” EnLink said. Also, in connection with the transaction, Devon has agreed to extend certain existing, fixed-fee gathering and processing contracts related to the Bridgeport and Cana plants with EnLink through 2029.