Energy Transfer said Wednesday it has entered into an agreement with Enable Midstream Partners, a master limited partnership between OGE Energy and CenterPoint Energy, in which it will acquire Enable in a $7.2 billion all-equity transaction.

The companies said they have entered into a definitive merger agreement in which Energy Transfer will acquire all of Enable’s outstanding limited partnership units through a unit-for-unit exchange ratio of 0.8595. OGE will own approximately 3% of Energy Transfer’s outstanding LP units after the merger’s consummation.

As part of the transaction, Energy Transfer will also acquire the general partner interests from OGE and CenterPoint for $10 million in aggregate cash consideration. CenterPoint will also pay OGE $30 million when the transaction closes.

OGE, Oklahoma Gas & Electric’s parent company, holds a 25.5% LP interest and a 50% general partner interest in Enable. CenterPoint owns 53.7% of the common units representing Enable’s LP interests.

Both companies expressed their support for the acquisition in press releases, while also stressing their focus was on restoring service to their electric customers amid an unprecedented winter storm.

OGE said the transaction places the company “on a clear path to becoming a pure-play electric utility” and gives it flexibility to exit the investment. CEO Sean Trauschke promised additional details during the company’s year-end earnings call on Feb. 25.

CenterPoint CEO David Lesar said the transaction “aligns with our new long-term growth strategy” and puts the company on “an accelerated path to reducing our exposure to the volatility of the midstream industry.”

The deal is expected to close this year.

Enable was created in 2013 by merging OGE’s Enogex midstream subsidiary with CenterPoint’s pipeline and field services businesses.