The joint venture, ETP Enogex Partners, will be owned and managed by Energy Transfer Partners (ETP) and OGE on a 50-50 basis.
The parties are contractually obligated to take various actions to facilitate an initial public offering of ETP Enogex Partners following the closing of the transaction, including the creation of a master limited partnership structure.
Pete Delaney, chairman, president and CEO of OGE Energy, said: The combination of Enogex’s midstream and ETP’s interstate assets creates a very diverse and competitive business. Our partnership will offer producers a variety of markets for their gas.
