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.
A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, near Iraan, Texas, U.S., March 17, 2023. REUTERS/Bing Guansaid 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.
The company said the deal, expected to close in the second quarter of 2023, will immediately add to its free cash flow and distributable cash flow per unit.
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