EnLink Midstream, LLC (NYSE:ENLC) acquired Amarillo Rattler, LLC from Amarillo Midstream and Amarillo Midstream, LLC for $75 million on April 30, 2021. Consideration included $60 million cash including $10 million to be paid in 2022 and an earnout capped at $15 million based on Diamondback Energy drilling activity above historical levels. The earn-out payments are contingent on connected wells drilled in Diamondback's leasehold acreage in the specified earn-out area during each year between 2023 and 2025. The upfront payment of $50 million was financed from cash on hand. Rattler received $24 million at closing, with an incremental $5 million due in April 2022 and could receive up to $7.5 million in contingent payments from 2023 to 2025. The acquisition is anticipated to be accretive to FCFAD in financial year 2021. Preston Bernhisel, Stephen Marcus and Aileen Hooks of Baker Botts represented EnLink Midstream, LLC in the transaction. King & Spalding LLP acted as legal advisor to Amarillo Midstream, LLC.

EnLink Midstream, LLC (NYSE:ENLC) completed the acquisition of Amarillo Rattler, LLC from from Amarillo Midstream and Amarillo Midstream, LLC on April 30, 2021.