Energy Transfer LP (NYSE:ET) entered into an agreement to acquire WTG Midstream, LLC from Stonepeak Partners LP, Davis Estate and Diamondback Energy, Inc. (NasdaqGS:FANG) for approximately $3.2 billion on May 28, 2024. Consideration for the transaction will be comprised of $2.45 billion in cash and approximately 50.8 million newly issued Energy Transfer common units. The transaction is subject to regulatory approval and customary closing conditions. The transaction is expected to close in the third quarter of 2024.

RBC Capital Markets acted as financial advisor to Energy Transfer, and Lande Spottswood, Matt Dobbins, Corinne Snow, David D?Alessandro, Melissa Spohn, Jackson O?Maley, Sarah Mitchell, Gary Huffman, Ryan Carney, Rajesh Patel, Sean Becker, Darren Tucker, Ryan Will, Bill Scherman, Jason Fleischer, Mike Malenfant, Caitlin Turner and Courtney Hammond of Vinson & Elkins LLP acted as Energy Transfer?s legal counsel on the transaction. Jefferies LLC acted as financial advisor to WTG, and Sidley Austin LLP acted as WTG?s legal counsel.