EnLink Midstream Agrees to Acquire Tall Oak Midstream

DALLAS--(BUSINESS WIRE)--The EnLink Midstream companies, EnLink Midstream Partners, LP (NYSE: ENLK) (the “Partnership”) and EnLink Midstream, LLC (NYSE: ENLC) (the “General Partner”) (together “EnLink”), today announced that a subsidiary of the Partnership and the General Partner signed definitive agreements to acquire subsidiaries of Tall Oak Midstream, LLC for $1.55 billion, subject to certain adjustments. The purchase price will be paid in installments, with the first installment of $1.05 billion paid at closing and the final installment of $500 million paid no later than the first anniversary of the closing date with the option to defer $250 million of the final installment up to 24 months following the closing date. The Tall Oak assets serve gathering and processing needs in the growing STACK and Central Northern Oklahoma Woodford (“CNOW”) plays in Oklahoma and are supported by long-term, fixed-fee contracts with acreage dedications that have a remaining weighted-average term of approximately 15 years.