Western Midstream Partners Meritage Acquisition 2023

Western Midstream Partners, LP announced the acquisition of Meritage Midstream Services II, LLC for $885 million in cash, significantly expanding its Powder River Basin gathering and processing operations. The transaction is valued at 5.0–6.0x 2024 Adjusted EBITDA and is expected to close in Q4 2023, with management projecting a base distribution increase following completion.