Shearman & Sterling is advising EnCap Flatrock Midstream in the $1.45 billion sale of Lotus Midstream Operations, LLC to Energy Transfer LP. The transaction will be comprised of $900 million in cash and approximately 44.5 million newly issued Energy Transfer common units.

The transaction, which is expected to close in the second quarter of 2023, was announced on Feb. 27 in a press release.

EnCap Flatrock Midstream is a venture capital firm founded in 2008. The firm manages funds which collectively have approximately $9 billion in capital commitments. Lotus Midstream is an independent energy company focused on the development of midstream infrastructure and services necessary to transport crude oil and condensate from the wellhead to market.

The Team