Crestwood Equity Partners released the results of a stockholders’ vote Nov. 1, showing that 58.2 % of the holders of Crestwood’s preferred units chose to convert their holdings into new Energy Transfer preferred units, following Energy Transfer’s acquisition of Crestwood. Crestwood anticipates the merger will close on Nov. 3. (Source: Shutterstock)
Crestwood Equity Partners released the results of a stockholders’ vote Nov. 1, showing that 58.2 % of the holders of Crestwood’s preferred units chose to convert their holdings into new Energy Transfer preferred units, following Energy Transfer’s acquisition of Crestwood. Crestwood anticipates the merger will close on Nov. 3.
In August, Energy Transfer announced it would acquire Crestwood Equity Partners in an all-stock merger valued at $7.1 billion. One of the last tasks for the merger to be completed was for the holders of Crestwood’s outstanding 9.25% of perpetual preferred units to determine the form of the merger.
According to a statement published by Crestwood and Energy Transfer: 58.2 % of the voters either chose to have their units converted into Energy Transfer units or did not vote by the deadline; 41.2 % of voters preferred to have their units converted into cash; and 0.6% of voters wanted to exchange their preferred units into common units.
The results were preliminary, the statement said, and will be used to determine the final parameters of the merger deal after certification.
Recommended Reading
CEO: Breakwall Providing Capital as RBLs ‘Materially’ Decrease
2024-10-09 - Breakwall Capital is stepping in to bridge the gap from the historic days of reserve-based lending, Breakwall Managing Partner and co-CEO Jamie Brodsky said at Hart Energy's Energy Capital Conference in Dallas.
Oxy’s Hollub Drills Down on CrownRock Deal, More M&A, Net-zero Oil
2024-11-01 - Vicki Hollub is leading Occidental Petroleum through the M&A wave while pioneering oil and gas in EOR and DAC towards the goal of net-zero oil.
Optimizing Direct Air Capture Similar to Recovering Spilled Wine
2024-09-20 - Direct air capture technologies are technically and financially challenging, but efforts are underway to change that.
Twenty Years Ago, Range Jumpstarted the Marcellus Boom
2024-11-06 - Range Resources launched the Appalachia shale rush, and rising domestic power and LNG demand can trigger it to boom again.
Exclusive: How E&Ps Yearning Capital can Stand Out to Family Offices
2024-10-15 - 3P Energy Capital’s Founder and Managing Partner Christina Kitchens shares insight on the “educational process” of operators looking at opportunities in the U.S. and how E&Ps looking for capital can interest family offices, in this Hart Energy Exclusive interview.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.