(Source: Shutterstock.com)
Crestwood Equity Partners unitholders approved on Oct. 30 a merger with Energy Transfer roughly two and a half months after the Energy Transfer’s acquisition was announced. Crestwood executives said the deal is expected to close Nov. 3, according to a press release.
In August, Energy Transfer announced it would acquire Crestwood Equity Partners in an all-stock merger valued at $7.1 billion. Crestwood’s midstream system includes assets located in the Williston, Delaware and Powder River basins, consisting of about 2 Bcf/d of gas gathering capacity and 1.4 Bcf/d of gas processing capacity.
The assets are expected to strengthen Energy Transfer’s downstream fractionation capacity at Mont Belvieu.
Crestwood stated that about 69.7% of units voted in favor of the deal.
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