Energy Transfer boosts Permian pipeline portfolio with $1.5 billion Lotus Midstream acquisition
Energy Transfer LP said on Monday that it would acquire pipeline operator Lotus Midstream in a $1.45 billion cash-and-stock deal to boost its pipeline portfolio in the U.S. Permian basin, according to Reuters.
Energy Transfer said it will pay $900 million in cash and the rest in 44.5 million newly issued shares. Its shares rose 1.03% in premarket trading.
Read more here: Energy Transfer to acquire Lotus Midstream for $1.5 billion, adding 3,000 miles of Permian pipeline