Deal Flow
Letter · prints on one page
Transaction tear sheetData as of Nov 7, 2026
M&A · Energy · Natural Gas Transmission

Energy Transfer LP to acquire Enable Midstream Partners, LP

Announced Feb 17, 2021 · Closed Dec 3, 2021

Deal value$7.20BEV $11.47B
Premium—To unaffected price
EV / Adj. EBITDA12.2x4.6x EV / Revenue
ConsiderationAll stock

Transaction

Acquirer
Energy Transfer LP (ET)
Target
Enable Midstream Partners, LP
Buyer type
Strategic
Offer price per share
—
Enterprise value
$11.47B
Status
Closed Dec 3, 2021

Deal protections

Break fee (target pays)
$97.5M · 1.4%
Reverse fee (buyer pays)
—
Go-shop
No-shop
Financing
—

Advisors

To the acquirer
Citigroup, RBC Capital Markets
To the target
Goldman Sachs, Intrepid Partners

Sector context · Energy

Comparable deals
6 in the prior 24 months
Premium
Sector median 41.5%
EV / Adj. EBITDA
12.2x vs. 9.0x sector median
Break fee
1.4% vs. 3.9% sector median

Timeline

  1. AnnouncedFeb 17, 2021
  2. Proxy filedApr 9, 2021
  3. Definitive proxyApr 9, 2021
  4. Shareholder voteMay 7, 2021
  5. ClosedDec 3, 2021

Valuation · fairness opinions

Trading comparables$7,095.00$8,468.00
Trading comparables$5.68$8.81
Trading comparables$6,358.00$7,674.00
Trading comparables$4.00$7.00
Discounted cash flow$6,796.00$7,736.00

Implied value per Enable Midstream Partners, LP share by analysis.

Sources
  • 8-K (EX-99.1) · Feb 17, 2021
  • 425 · Feb 17, 2021
  • 425 · Feb 17, 2021
  • 8-K (EX-99.1) · Dec 3, 2021

Adj. EBITDA is operating income + D&A + impairment, restructuring, deal costs and stock compensation, less any large gain on a sale, last twelve months, from the target's filings. Calculated by Castle, so it can differ from a bank's adjusted figure.

Prepared with Castle from public SEC EDGAR filings. Figures are extracted automatically; verify against the source documents. Not investment advice.