Enable Midstream Partners said Tuesday it’s acquiring Dallas-based Align Midstream, which owns natural gas gathering/processing assets in the Cotton Valley and Haynesville Shale plays of the Ark-La-Tex Basin, for roughly $300 million.
The seller is Dallas-based private equity firm Tailwater Capital, Kallanish Energy learns.
Align operates roughly 190 miles of natural gas gathering pipelines across Rusk, Panola and Shelby counties in Texas, and DeSoto Parish in Louisiana, plus a cryogenic natural gas processing plant in Panola, Texas, with a capacity of 100 million cubic feet per day.
“This transaction complements Enable’s midstream platform in the Ark-La-Tex Basin, and we are well-positioned to integrate and optimize these assets,” said Rod Sailor, Oklahoma City-based Enable Midstream’s president and CEO.
Align’s assets are underpinned with long-term, fee-based contracts, including roughly 100,000 gross acres of dedication from produce-customers.