Energy Transfer, which owns and operates one of the largest and most diversified portfolios of energy assets in the United States, completed the acquisition of Enable Midstream, which owns, operates and develops strategically located natural gas and crude oil infrastructure assets, for $7.2bn. Enable common unitholders received 0.8595 ET common units for each Enable common unit. Additionally, each outstanding Enable Series A preferred unit was exchanged for 0.0265 Series G preferred units of Energy Transfer. The transaction also included a $10m cash payment for Enable’s general partner. The acquisition significantly strengthens Energy Transfer’s midstream and gas transportation systems by adding Enable’s natural gas gathering and processing assets.