Enbridge Inc. and Plains All American Pipeline, L.P. acquired remaining 15% stake in Cactus II Pipeline LLC from Western Midstream Partners, LP for approximately $260 million.
November 01, 2022
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Enbridge Inc. (TSX:ENB) and Plains All American Pipeline, L.P. (NasdaqGS:PAA) acquired remaining 15% stake in Cactus II Pipeline LLC from Western Midstream Partners, LP (NYSE:WES) for approximately $260 million on November 2, 2022. Enbridge will acquire 10% stake and Plains will acquire 5% stake in Cactus II Pipeline. After the transaction, Plains and Enbridge will be sole owners of Cactus II with 70% and 30% respective ownership interests in Cactus II Pipeline. Plains will continue to serve as operator. Doug Bland, Matt Falcone and Ryan Carney of Vinson & Elkins LLP acted as legal advisor to Enbridge Inc. (TSX:ENB) and Plains All American Pipeline, L.P. (NasdaqGS:PAA). Archie Fallon of Willkie Farr & Gallagher LLP acted as legal advisor to Western Midstream Partners, LP (NYSE:WES).
Enbridge Inc. (TSX:ENB) and Plains All American Pipeline, L.P. (NasdaqGS:PAA) completed the acquisition of remaining 15% stake in Cactus II Pipeline LLC from Western Midstream Partners, LP (NYSE:WES) on November 2, 2022.
Western Midstream Partners, LP acquires, owns, develops and operates midstream assets. The Company is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas, gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil, and gathering and disposing of produced water. The Companyâs midstream assets are located in Texas, New Mexico, Colorado, Utah and Wyoming. In addition, in its capacity as a processor of natural gas, the Company also buys and sells natural gas, NGLs, and condensate on behalf of itself and as an agent for its customers under certain contracts. The Companyâs subsidiaries include Western Midstream Operating GP, LLC, Western Midstream Services, LLC, Western Midstream Services Holdings, LLC and Western Midstream Operating, LP.
Enbridge Inc. and Plains All American Pipeline, L.P. acquired remaining 15% stake in Cactus II Pipeline LLC from Western Midstream Partners, LP for approximately $260 million.
WESTERN MIDSTREAM PARTNERS, LP 
