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Energy Transfer to Acquire Lotus Midstream in $1.45 Billion Transaction

Deals & Cases

March 27, 2023 • 1-minute read

Vinson & Elkins advised Lotus Midstream, LLC, an Encap Flatrock Midstream portfolio company, in the entry into a definitive agreement pursuant to which Energy Transfer LP will acquire Lotus Midstream Operations, LLC in a transaction valued at approximately $1.45 billion.

Consideration for the transaction will be comprised of $900 million in cash and approximately 44.5 million newly issued Energy Transfer common units. Lotus Midstream owns and operates Centurion Pipeline Company LLC, an integrated, crude midstream platform located in the Permian Basin. The transaction is expected to close in the second quarter of 2023, subject to regulatory approval and customary closing conditions.

The Vinson & Elkins team was led by partner Matt Falcone and senior associate Yong Eoh, with assistance from senior associate Daryne Foote and associate Nina Ramachandran. Other key team members include partner Scott Rubinsky and associate Warner Scott; partners Ryan Carney and David Peck, counsel Peter Rogers and associate Katie Dillard; partners Becky Baker and Sean Becker and associate Peter Goetschel; partner Darren Tucker and senior associate Ryan Will and associate Alex Rant; partner Damien Lyster, senior associate Mike Malenfant and associate Ryan Hoeffner; partner Darin Schultz, senior associate Caitlin Turner and associate Taylor Daily; partner Shane Tucker and associate Kiera Kuntz; partner Matt Dobbins and associate Kelly Rondinelli; counsel Scot Dixon; counsel Rajesh Patel; and partner Sarah Mitchell and associate Victoria Bahrami-Negad.

About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 14 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or connect with us on LinkedIn.

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