M&A Deal Summary

Energy Transfer Acquires WTG

On May 28, 2024, Energy Transfer acquired energy services and equipment company WTG from Stonepeak and Diamondback Energy for 3.3B USD

Acquisition Highlights
  • This is Energy Transfer’s 6th transaction in the Energy Services and Equipment sector.
  • This is Energy Transfer’s 4th largest (disclosed) transaction.
  • This is Energy Transfer’s 12th transaction in the United States.
  • This is Energy Transfer’s 7th transaction in Texas.

M&A Deal Summary
Date 2024-05-28
Target WTG
Sector Energy Services and Equipment
Buyer(s) Energy Transfer
Sellers(s) Stonepeak
Diamondback Energy
Deal Type Add-on Acquisition
Deal Value 3.3B USD
Advisor(s) Jefferies (Financial)
Sidley (Legal)

Target

WTG

Midland, Texas, United States
WTG provides comprehensive midstream services including wellhead gathering, intra-basin transportation, and processing services. WTG is based in Midland, Texas.

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Buyer(S) 1

Buyer

Energy Transfer

Dallas, Texas, United States
Category Company
Founded 1996
Sector Energy Services and Equipment
Employees13,786
Revenue 78.6B USD (2023)
DESCRIPTION

Energy Transfer is a master limited partnership that owns and operates a logistics business consisting of a geographically diverse portfolio of complementary crude oil, refined products, and natural gas liquids pipeline, terminalling and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil, refined products, and natural gas liquids. Energy Transfer was incorporated in 1996 and is based in Dallas, Texas.

DEAL STATS #
Overall 13 of 13
Sector (Energy Services and Equipment) 6 of 6
Type (Add-on Acquisition) 7 of 7
State (Texas) 7 of 7
Country (United States) 12 of 12
Year (2024) 1 of 1
Size (of disclosed) 4 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-08-16 Crestwood

Houston, Texas, United States

Crestwood is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. The company is engaged in the gathering, processing, treating, compression, and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; gathering, storage, terminalling, and marketing of crude oil; and gathering and disposal of produced water. Crestwood was founded in 2001 and is based in Houston, Texas.

Buy $7.1B

Seller(S) 2

SELLER

Stonepeak

Investor Investor Investor Investor Investor

Category Infrastructure
Founded 2011
PE ASSETS 57.1B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stonepeak is a private equity firm focused on North American infrastructure investing. Specific areas of interest include energy assets, power/renewables, transportation, utilities, water, and communications. Stonepeak was formed in 2011 and is headquartered in New York City.

DEAL STATS #
Overall 9 of 10
Sector (Energy Services and Equipment) 4 of 4
Type (Add-on Acquisition) 2 of 2
State (Texas) 2 of 2
Country (United States) 8 of 9
Year (2024) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-22 Textainer

Hamilton, Bermuda

Textainer is a lessor of intermodal containers with more than 4 million TEU in its managed fleet. The company's fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. Textainer also leases tank containers through its relationship with Trifleet Leasing and is a supplier of containers to the U.S. Military. In addition to selling older containers, it buys older containers from shipping line customers for trading and resale. Textainer was founded in 1979 and is based in Hamilton, Bermuda.

Buy $7.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-21 Arvida Group

Auckland, New Zealand

Arvida Group is a retirement village operator that offers a range of living options to meet the needs of aged individuals including independent living and hospital-level care. Arvida Group was founded in 2014 and is based in Auckland, New Zealand.

Buy $1.3B
SELLER

Diamondback Energy

Midland, Texas, United States
Category Company
Founded 2007
Sector Oil/Gas Exploration
Employees1,023
Revenue 8.3B USD (2023)
DESCRIPTION

Diamondback Energy is an independent oil and natural gas company focused on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Diamondback's activities are primarily focused on the horizontal exploitation of multiple intervals within the Wolfcamp, Spraberry, Clearfork, Bone Spring, and Cline formations. Diamondback Energy was founded in 2007 and is based in Midland, Texas.

DEAL STATS #
Overall 2 of 2
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Texas) 2 of 2
Country (United States) 2 of 2
Year (2024) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-12 Endeavor Energy Resources

Midland, Texas, United States

Endeavor is an oil/gas exploration and production company. The company holds ~470,000 net acres across multiple basins, inclusive of 344,000 net acres in the core 6 Midland basin counties. Endeavor Energy Resources was formed in 1979 and is based in Midland, Texas.

Buy $26.0B
Mergr

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Legal