EnLink Midstream LLC (NYSE: ENLC) said Oct. 22 it will acquire its MLP subsidiary EnLink Midstream Partners LP (NYSE: ENLK) in an all-stock simplification transaction as legacy MLP structures become increasingly rare.

The EnLink simplification transaction will also continue the evolution of Dallas-based company that began earlier this year with the sale of Devon Energy Corp.’s (NYSE: DVN) ownership interests in EnLink to fund manager Global Infrastructure Partners (GIP) for $3.125 billion.

“Well-telegraphed transaction comes as little surprise given year-to-date wave of midstream consolidation transactions and management messaging that corporate restructuring was on its near-term priority list,” said analysts with Tudor, Pickering, Holt & Co. (TPH) in a research note.

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