EnLink Midstream, LLC Drops Down Remaining 25 Percent Interest in EnLink Midstream Holdings

DALLAS--(BUSINESS WIRE)--EnLink Midstream Partners, LP (NYSE: ENLK) (the Partnership) today announced that it has acquired the remaining 25 percent equity interest in EnLink Midstream Holdings, LP (EMH) from EnLink Midstream, LLC (NYSE: ENLC) (the General Partner) (collectively, EnLink Midstream) for approximately $900 million of newly issued Partnership common units. The Partnership now holds 100 percent of EMH, which owns the assets that Devon Energy Corp. (Devon) contributed to EnLink Midstream in March 2014. These assets include gathering and processing systems in North Texas and Oklahoma, which are supported by long-term, fixed-fee contracts with minimum volume commitments, as well as an economic interest in Gulf Coast Fractionators located in Mont Belvieu, Texas.