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.
Source: Company Press Release