- EnLink Midstream Partners (NYSE:ENLK) agrees to acquire the Victoria Express Pipeline and related truck terminal and storage assets in a dropdown transaction from Devon Energy (DVN) for total consideration of ~$210M.
- The deal includes $171M in cash, 338K ENLK common units and the assumption of $30M-$40M in certain construction costs to expand the system to full capacity.
- The pipeline, which became operational in Q3 2014, transports condensate from DeWitt County, Tex., to the Port of Victoria; current capacity is ~50K bbl/day, to be expanded to 90K bbl/day.
- ENLK says the transaction marks the first dropdown from DVN and expects such deals to play a significant role in its future growth.