OGE Energy forms joint venture with ArcLight Capital
Clients OGE Energy Corp.
Jones Day advised OGE Energy Corp. in its formation of a joint venture with ArcLight Capital Partners LLC. Initially an ArcLight affiliate will acquire a 9.9% equity ownership stake in Enogex, OGE Energy's midstream natural gas pipeline subsidiary. As part of the transaction, OGE Energy will contribute its marketing business, OGE Energy Resources, Inc., to Enogex. ArcLight, a private equity firm based in Boston, has agreed to pay OGE $183 million for the equity ownership stake in Enogex.
This transaction will enable ArcLight to increase its ownership stake over time, by providing equity funding for capital expenditures associated with Enogex's business plan.