Western Midstream Partners, Enbridge and Plains Announce Cactus II Pipeline Transaction
Vinson & Elkins advised Plains All American Pipeline, L.P. (“Plains”) and Enbridge Inc. (“Enbridge”) in connection with a transaction whereby Enbridge and Plains purchased Western Midstream Partners, LP’s 15% interest in Cactus II Pipeline, LLC (“Cactus II”) for an aggregate amount of $265 million.
Enbridge acquired 10% and Plains acquired 5% of Cactus II, with each paying a proportionate share of the purchase price. Plains and Enbridge are now the sole owners of Cactus II, with 70% and 30% respective ownership interests. Plains will continue to serve as operator.
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