Midstream giants are joining forces in a $7 billion merger. Crestwood Midstream Partners LP, Crestwood Holdings LLC, Inergy LP and Inergy Midstream LP are merging into a single entity, the companies announced.

The merger is expected to close in the third quarter. In the meantime, Crestwood Midstream and Inergy Midstream will continue to operate as separate, independent companies.

Meanwhile, Chesapeake Energy Corp. shed nearly $400 million in Mississippi Lime and Marcellus shale assets. The most recent transaction was announced in May, when Sem- Group Corp. revealed it would purchase Mississippi Lime midstream assets from Chesapeake for $300 million. The acquisition includes 200 miles of gathering pipeline and two, 200-million-cubic-feet-per-day cryogenic processing plants. The deal also includes an approximately 540,000-net-acre dedication in the play.

“These assets are positioned for exceptional growth and will significantly increase our strategic position in the Mississippi Lime play,” SemGroup’s Chief Executive Norm Szydlowski said in a public statement. “This purchase expands our scale in highly attractive, liquids-rich areas with strong producer activity and organic growth opportunities, while adding to our future inventory of dropdown assets for Rose Rock Midstream.”

In a separate transaction, Chesapeake sold natural gas properties in the Marcellus shale to Southwestern Energy Co. for $93 million.

Meanwhile, Atlas Pipeline Partners LP announced a public offering of 11.85 million common units at $34 each to help fund its purchase of TEAK Midstream LLC. Before funding the acquisition, Atlas said it might use some proceeds for general partnership purposes. Atlas acquired TEAK for $1 billion in mid-April. Atlas also issued $400 million in senior notes due in 2021. Net proceeds are expected to be about $392 million.

Separately, the Tierra Companies sold its Tierra Pipeline LP to TexStar Midstream Services LP. The companies also entered into a non-binding letter of intent to sell Tierra Transportation to Black Creek Well Services, a sister company of TexStar. The sale is expected to close by July 1.

The Tierra Pipeline acquisition included a multi-line right-of-way and pipeline, which intersects in the Eagle Ford. The 140-mile pipeline extends from San Antonio to Corpus Christi. The Tierra Transportation assets included a fleet of specially outfitted tractors and trailers.

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