Global Infrastructure Partners (GIP), a leading global independent infrastructure fund manager, has completed its acquisition of Devon Energy Corporation’s interests in EnLink Midstream. The $3.125 billion deal gives GIP significant ownership in EnLink Midstream Partners, LP (NYSE: ENLK) and EnLink Midstream, LLC (NYSE: ENLC).
EnLink Midstream Logo
This strategic partnership combines EnLink’s established midstream platform with GIP’s extensive industry experience and financial resources. Michael J. Garberding, EnLink President and CEO, expressed enthusiasm for the collaboration, highlighting the shared vision for growth and value creation. The partnership aims to leverage EnLink’s existing growth strategies and capitalize on new opportunities.
GIP’s acquisition resulted in a 100% equity interest in EnLink Midstream Manager, LLC, approximately 64% in ENLC, and around 23% in ENLK. Adebayo Ogunlesi, Chairman and Managing Partner of GIP, emphasized the alignment between the two organizations, stating GIP’s commitment to supporting EnLink’s long-term success. He views the investment as a powerful partnership between a top-tier management team and a dedicated infrastructure investor.
The transaction also led to changes in EnLink’s board of directors, giving GIP majority voting power. New board members include seasoned GIP professionals with extensive experience in infrastructure investments and operations: William J. Brilliant, Matthew C. Harris, and William A. Woodburn. These individuals bring a wealth of knowledge in energy, infrastructure, and finance to EnLink. Departing board members were acknowledged for their contributions to the company’s growth.
EnLink, headquartered in Dallas, provides integrated midstream services across natural gas, crude oil, condensate, and NGL commodities. The company operates in key U.S. basins, focusing on the Permian, Midcontinent, and Gulf Coast regions. This partnership with Global Infrastructure Partners positions EnLink for continued growth and expansion in these strategic areas. The combined expertise and resources of both companies are expected to drive innovation and enhance EnLink’s ability to connect energy to life. GIP’s global presence and focus on infrastructure investment further strengthen EnLink’s position in the energy market. This acquisition signifies a significant development in the midstream sector, highlighting the attractiveness of EnLink’s assets and the long-term growth potential of the industry.
