Denver-based DCP Midstream Partners said it's acquiring the assets of a joint venture of Phillips 66 and Spectra Energy that will create the largest natural gas producer and processor in the U.S.

DCP Midstream (NYSE: DPM) said the combined company will have an enterprise value of $11 billion.

On Jan. 23, the combined company will be renamed DCP Midstream LP and the NYSE stock ticker symbol will be changed to “DCP." The deal increases Phillips 66 and Spectra Energy’s ownership stake to 38 percent.

“This transformational transaction provides a platform of premier assets with strong growth opportunities in the key U.S. producing basins at a multiple that paves the way towards future distribution growth. The transaction benefits both our unitholders and our owners with a simplified structure," said Wouter van Kempen, chairman, president and CEO of both DCP Midstream and DCP Midstream Partners, in a statement.

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