EnLink Acquires Coronado Midstream

摘要

EnLink Midstream Partners has reached an agreement to acquire Coronado Midstream Holdings, which owns natural gas gathering and processing assets in the Permian Basin. The deal is worth about $600 million. Coronado's owners will receive $240 million in cash, $180 million of common units in EnLink Midstream Partners and $180 million of a new class of common units. Coronado's primary owners are three large producers in the North Midland Basin area of the Permian. Its midstream gas assets are located in the same area. Coronado operates three gas processing plants and a gas gathering system comprising about 270 miles of gathering pipelines and 175 million cubic feet per day of processing capacity. Construction of an additional 100 MMcf/d of processing capacity and gathering system expansions of the Coronado system are under way.