DALLAS, July 18, 2018 /PRNewswire/ -- The EnLink
Midstream companies (EnLink), EnLink Midstream Partners, LP (NYSE:
ENLK) (the Partnership or ENLK) and EnLink Midstream, LLC (NYSE:
ENLC) (the General Partner or ENLC), today announced that
affiliates of Global Infrastructure Partners (GIP), a leading
global independent infrastructure fund manager, completed the
previously announced acquisition of all of Devon Energy
Corporation's (Devon) interests in EnLink Midstream Manager, LLC
(Manager), ENLC, and ENLK for total cash consideration of
$3.125 billion.
"We are excited to commence our strategic partnership with GIP
and look forward to expanding EnLink's strong foundation together,"
said Michael J. Garberding, EnLink
President and Chief Executive Officer. "EnLink's platform, combined
with GIP's deep midstream experience and potential new sources of
capital, enhances our outlook for further value creation. GIP and
EnLink share strong cultural alignment and are focused on the
successful execution of EnLink's seven growth strategies."
GIP now owns a 100-percent equity interest in Manager, an
approximate 64-percent equity interest in ENLC, and an approximate
23-percent limited partner equity interest in ENLK.
"We view the EnLink investment as a significant partnership
between a best-in-class management team and a committed
infrastructure investor," said Adebayo
Ogunlesi, Chairman and Managing Partner of GIP. "We share
EnLink's vision and strategic direction, and we have strong
alignment on financial priorities. We are committed to supporting
EnLink's long-term growth and success."
EnLink Boards of Directors
The closing of this
transaction results in changes to the boards of directors to
provide GIP with majority voting power on both boards.
William J. Brilliant is a
Partner of GIP and a leader of GIP's North American energy
investment business. He led GIP's investment in EnLink and is
responsible for the origination, execution, management and
realization of investments. He is a member of GIP's Investment and
Operating committees and has been a member of GIP's investment team
since 2007. Prior to joining GIP, he was an investment banker at
Lehman Brothers. He currently serves on the board of directors of
Hess Midstream Partners GP LLC and Hess Infrastructure Partners. He
previously served as a director of the general partner of Access
Midstream Partners L.P. from June
2012 through July 2014.
Matthew C. Harris is a
Founding Partner of GIP and leads GIP's global energy industry
investment team, including crude oil and refined product, natural
gas, electricity, LNG, metals and mining, and petrochemicals. He is
a member of GIP's Investment, Operating, and Portfolio Valuation
committees. He has been intimately involved in GIP's investment,
management, and strategic activities since its formation in 2006.
He is a member of the board of directors of Hess Infrastructure
Partners. Prior to the formation of GIP in 2006, he was a managing
director in the Investment Banking Division of Credit Suisse, as
well as Co-Head of the Global Energy Group and Head of the EMEA
Emerging Markets Group. Prior to his tenure at Credit Suisse, he
was a senior member of the Mergers and Acquisitions Group at Kidder
Peabody & Co. Inc. He previously served as a director of the
general partner of Access Midstream Partners L.P. from January 2010 through December 2013.
William A. Woodburn is a
Founding Partner of GIP and oversees GIP's Operating Team. He is a
member of GIP's Investment, Operating, and Portfolio Valuation
committees and serves as chairman of its Portfolio Committee. He is
a director of the following GIP portfolio companies: Gatwick
Airport Limited, Competitive Power Ventures, Hess Midstream
Partners and Naturgy SDG, S.A. (formerly Gas Natural SDG, S.A).
Prior to the formation of GIP in 2006, Woodburn was the President
and CEO of GE Infrastructure. From 2000 to 2001, he served as
Executive Vice President and member of the Office of CEO at GE
Capital and served as a member of the board of GE Capital. From
1984 to 2000, he held several senior roles at GE, including
President and Chief Executive Officer of GE Specialty Materials and
Vice President of GE Lighting. Prior to joining GE, he was an
engagement manager at McKinsey & Company for four years,
focusing on the energy and transportation industries, and held
process engineering and marketing positions at Union Carbide's
Linde Division for five years. He previously served as a director
of the general partner of Access Midstream Partners L.P. from
January 2010 through July 2014.
The departing directors are David A.
Hager, Kevin D. Lafferty, R.
Alan Marcum, Mary P. Ricciardello, Jeff L. Ritenour, Lyndon
C. Taylor, and Tony D.
Vaughn.
"We are thankful for Devon's contribution to our company, as
we've worked to become the leading midstream company we are today,
and we look forward to continuing our long-term commercial
relationship with them," said Barry E.
Davis, EnLink Executive Chairman. "We are excited to welcome
GIP to the EnLink boards and look forward to partnering on EnLink's
next phase of growth."
A presentation related to this announcement is available on the
Investors page of EnLink's website at EnLink.com.
About the EnLink Midstream Companies
EnLink provides
integrated midstream services across natural gas, crude oil,
condensate, and NGL commodities. EnLink operates in several
top U.S. basins and is strategically focused on the core growth
areas of the Permian's Midland and Delaware basins, Oklahoma's Midcontinent, and Louisiana's Gulf Coast. Headquartered in
Dallas, EnLink is publicly traded
through EnLink Midstream, LLC (NYSE: ENLC), the General Partner,
and EnLink Midstream Partners, LP (NYSE: ENLK), the Master Limited
Partnership. Visit EnLink.com for more information on how EnLink
connects energy to life.
About Global Infrastructure Partners
GIP is an
independent infrastructure fund manager that invests in
infrastructure assets and businesses in both OECD and select
emerging market countries. GIP targets investments in single assets
and portfolios of assets and companies in power and utilities,
natural resources infrastructure, air transport infrastructure,
seaports and container terminals, rail infrastructure, water
distribution and treatment and waste management. GIP has offices in
New York and London, with an affiliate in Sydney and portfolio company operations
headquarters in Stamford,
Connecticut. For more information, visit
www.global-infra.com.
Forward-Looking Statements
This press release
contains forward-looking statements within the meaning of the
federal securities laws. These statements are based on certain
assumptions made by the Partnership and the General Partner based
upon management's experience and perception of historical trends,
current conditions, expected future developments and other factors
the Partnership and the General Partner believe are appropriate in
the circumstances. All statements, other than statements of
historical fact, included in this press release constitute
forward-looking statements, including but not limited to statements
identified by the words "may," "believe," "will," "should," "plan,"
"anticipate," "intend," "estimate," and "expect" and similar
expressions. These statements include, but are not limited to,
statements with respect to the benefits of the transaction between
Devon and GIP to ENLK and ENLC, the benefits of GIP's expertise and
relationship, ENLK's and ENLC's future relationship with
Devon, the continuation of certain
of ENLK's and ENLC's contracts with Devon, as well as the Partnership's and the
General Partner's future growth and results of operations. Such
statements are subject to a number of assumptions, risks, and
uncertainties, many of which are beyond the control of the
Partnership and the General Partner, which may cause the
Partnership's and the General Partner's actual results to differ
materially from those implied or expressed by the forward-looking
statements. These risks include, but are not limited to, risks
discussed in the Partnership's and the General Partner's filings
with the Securities and Exchange Commission. The Partnership and
the General Partner disclaim any intention or obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
EnLink Investor Relations: Kate
Walsh, Vice President of Investor Relations, 214-721-9696,
kate.walsh@enlink.com
EnLink Media Relations: Jill
McMillan, Vice President of Public & Industry Affairs,
214-721-9271, jill.mcmillan@enlink.com
GIP Media Relations: Jack
Cowell, Director of Marketing & Communications,
212-315-8133, jack.cowell@global-infra.com
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SOURCE EnLink Midstream