ET - Energy Transfer completes $7.2B Enable Midstream acquisition

Energy Transfer (NYSE:ET) and Enable Midstream Partners (NYSE:ENBL) say they completed their previously announced merger. Energy Transfer says the combined company will own more than 114K miles of pipeline across the U.S. and generate more than $100M in annual cost efficiencies. The deal was sealed when Enable's two largest unitholders, CenterPoint Energy (NYSE:CNP) and OGE Energy (NYSE:OGE), which together owned 79% of Enable's outstanding common units, approved the deal terms. Energy Transfer has lost ~25% of its value since June, but "the more it drops, the more I buy," Samuel Smith writes in a bullish analysis posted recently on Seeking Alpha.

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Energy Transfer completes $7.2B Enable Midstream acquisition