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What: Shares of Crosstex Energy (NYSE:ENLC) jumped a whopping 60% and Crosstex Energy LP (NYSE:ENLK) jumped 33% today after the companies announced a merger with Devon Energy's (NYSE:DVN) assets.

So what: Devon Energy will combine its U.S. pipelines, processing, and related assets with Crosstex Energy to form a new business Devon is contributing assets said to be worth $4.8 billion and $100 million in cash to the new businesses, which will consist of a general partner and an MLP. Crosstex Energy will get one unit of the new general partner and $2.00 per share for their shares.  

Now what: At the end of the day, Crosstex Energy shareholders will own 30% of the new general partner with Devon Energy will own 70%. Crosstex Energy, L.P. unitholders will own 40% of the MLP, which will hold half of the assets Devon is contributing. When it's done, I think this will help unlock value for both companies, although I'd like to see complete operations before calling this a steal at today's stock price.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool owns shares of Devon Energy. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.