Devon Energy Corp.’s (NYSE: DVN) multi-billion dollar stake in a new midstream company has cleared one federal hurdle for its merger by running out the clock on the Hart-Scott-Rodino Antitrust waiting period.

The venture with Crosstex Energy Inc. (NasdaqGS: XTXI) and Crosstex Energy LP (NasdaqGS: XTEX) also has a name. The companies said Jan. 15 that EnLink Midstream Partners LP and EnLink Midstream LLC have been selected for the new combined midstream business following the completion of the transaction.

Devon’s market value in the company is about $6.5 billion, John Richels, Devon's president and CEO, has said.

Devon positioned itself for midstream capital relief by combining its midstream assets with Crosstex, helping it to preserve capital for its E&P business. Devon’s 2014 budget is expected to be about $5.7 billion, a 31% increase from 2013, according to Cowen and Co.

Devon will maintain controlling interests in the new entities, with 70% interest in the general partner and 53% in the master limited partnership, according to Baird Equity Research.

The new midstream company is expected to have adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of about $700 million in 2014, before synergies.

Devon-Crosstex Midstream Assets

NGL Transportation, Fractionation and Storage

650 miles of liquids transport line

6 fractionation facilities with 165,000 barrels per day total net capacity

3 million barrels underground NGL storage

Crude, Condensate and Brine Handling

200 miles of crude oil pipeline

Barge and rail terminals

500,000 barrels above ground storage

110 vehicle trucking fleet

8 Brine disposal wells

Gas Gathering and Transportation

6,500 miles gathering and transmission lines

Gas Processing

13 plants with 3.3 Bcf/d of total net inlet capacity

The transaction was announced in late October. The new business consists of two publicly traded entities: the master limited partnership, which will swap names to EnLink Midstream Partners LP from Crosstex Energy LP. A publicly traded general partner entity will be called EnLink Midstream LLC.

“We are proud to introduce EnLink Midstream, which will be a leading, integrated midstream company with a diverse geographic footprint and a strong financial foundation,” said Barry E. Davis, Crosstex CEO and incoming CEO of EnLink Midstream. “This strategic combination is expected to generate immediate and future value for our equity holders and to provide greater capacity to pay distributions. Our enhanced financial position will support both existing and new growth projects and our employees will benefit from working for a larger, stronger company.”

The transaction is expected to close in the first quarter of 2014 and is subject to approval by the stockholders of the corporation as well as other customary closing conditions.