EnLink Midstream Partners LP (ENLK) said May 27 it acquired the remaining 25% equity interest in EnLink Midstream Holdings LP (EMH) from EnLink Midstream LLC (ENLC), the general partner, for about $900 million of units.

The Dallas-based partnership now holds 100% of EMH, which owns the assets that Devon Energy Corp. (DVN) contributed to EnLink Midstream in March 2014.

The assets include gathering and processing systems in North Texas and Oklahoma, which are supported by long-term, fixed-fee contracts with minimum volume commitments, as well as an economic interest in Gulf Coast Fractionators located in Mont Belvieu, Texas.

The acquisition is immediately accretive to distributable cash flow per common unit of the partnership, with the transaction value representing an approximate nine times multiple of estimated adjusted EBITDA of EMH for 2015, the release said.

“The completion of this dropdown marks an important milestone in EnLink Midstream’s strategic growth plan,” said Barry E. Davis, EnLink Midstream president and CEO, in a statement. “As the final dropdown of Devon’s legacy assets from the General Partner to the Partnership, this transaction enables us to achieve our stated goal of creating a pure-play general partner. The transaction also consolidates Devon’s legacy assets under the ownership of the Partnership, which supports long-term growth in Partnership distributions and further reduces the leverage of the Partnership.”

The transaction has been approved by the board of directors of the managing member of the general partner and by the board of directors of the general partner, as well as by the conflicts committee of the board of directors of the general partner.

The conflicts committee, which is composed entirely of independent directors, engaged Simmons & Co. International fors its independent financial advisor and to render a fairness opinion, and Morris, Nichols, Arsht & Tunnell LLP for its independent legal counsel.