EnLink Midstream Partners, LP (the Partnership or ENLK) and EnLink Midstream, LLC (NYSE: ENLC) (the General Partner or ENLC) today announced the completion of the previously announced simplification transaction whereby ENLC acquired all common units of ENLK that ENLC did not previously own.
Common units of EnLink Midstream, LLC will continue to trade on the New York Stock Exchange under the "ENLC" ticker symbol. According to the terms of the transaction, each ENLK common unit converted into the right to receive 1.15 ENLC common units and the incentive distribution rights in ENLK were eliminated. As a result of the transaction, ENLK's common units will no longer be publicly traded.
"EnLink has executed another transformative step with the closing of this simplification transaction, which we believe is the right structure to generate long-term, sustainable value to our stakeholders," said Michael J. Garberding, EnLink President and Chief Executive Officer. "EnLink has purposely built a differentiated asset platform, offering integrated, multicommodity midstream services and a strong financial foundation."
ENLC also reconstituted its Board of Directors and the Committees thereof. The new Board is composed of Barry E. Davis(Executive Chairman), Michael J. Garberding, William J. Brilliant, Leldon E. Echols, Matthew C. Harris, Christopher Ortega, Kyle D. Vann, William A. Woodburn, and James C. Crain. Full bios and committee composition details are available on www.EnLink.com.
About EnLink MidstreamÂ
EnLink Midstream reliably operates a differentiated midstream platform that is built for long-term, sustainable value creation. EnLink's best-in-class services span the midstream value chain, providing natural gas, crude oil, condensate, and NGL capabilities. Our purposely built, integrated asset platforms are in premier production basins and core demand centers, including the Permian Basin, Oklahoma, North Texas, and the Gulf Coast. EnLink's strong financial foundation and commitment to execution excellence drives competitive returns and value for our employees, customers, and investors. Headquartered in Dallas, EnLink is publicly traded through EnLink Midstream, LLC (NYSE: ENLC). Visit www.EnLink.com to learn how EnLink connects energy to life.
