Energy Transfer LP (NYSE:ET) entered into a definitive agreement to acquire Centurion Pipeline Company LLC from Lotus Midstream, LLC for $1.4 billion on March 26, 2023. The consideration comprised of $900 million in cash and approximately 44.47 million newly issued Energy Transfer common units. The transaction is valued at approximately $1.45 billion. The transaction is subject to regulatory approval and customary closing conditions. The transaction is expected to close in the second quarter of 2023. The transaction is expected to be immediately accretive to free cash flow and distributable cash flow per unit as well as neutral to Energy Transfer?s leverage metrics.

J.P. Morgan Securities LLC and TD Securities acted as financial advisors to Energy Transfer, and Atman Shukla, George J. Vlahakos, Angela T. Richards, James W. Lowe, Glenn L. Pinkerton, Margaret H. Allen, Maureen M. Crough and Sarah A. Jehl of Sidley Austin LLP acted as legal advisor to Energy Transfer. Jefferies acted as financial advisor to Lotus Midstream, and Matt Falcone, Scott Rubinsky, Ryan Carney, David Peck, Peter Rogers, Becky Baker, Sean Becker, Darren Tucker, Damien Lyster, Darin Schultz, Shane Tucker, Matt Dobbins, Scot Dixon, Rajesh Patel and Sarah Mitchell of Vinson & Elkins LLP acted as legal Lotus Midstream. Sarah McLean, Todd Lowther, Taylor Landry, Ben Gris, John W. Menke and Jonathan Cheng of Shearman & Sterling LLP acted as the legal advisor to EnCap Flatrock Midstream.

Energy Transfer LP (NYSE:ET) completed the acquisition of Centurion Pipeline Company LLC from Lotus Midstream, LLC for $1.5 billion on May 2, 2023. Consideration included $930 million in cash. net of cash acquired of $4 million and approximately 44.5 million newly issued Energy Transfer common units.