Energy Transfer gains on $7.1 bln deal to buy Crestwood

Crestwood Equity Partners LP

16/08/2023 15:03

** Shares of Pipeline operator Energy Transfer LP  ET.N  up
2.3% at $12.85
    ** ET said on Wednesday it will buy Crestwood Equity
Partners  CEQP.N  in a deal valued at about $7.1 bln, including
$3.3 bln in debt
    ** Deal gives ET entry to the Powder River basin and extends
its presence in the Williston and Delaware basins  
    ** Transaction expected to close in Q4 2023, after which
CEQP unit-holders are expected to own about 6.5% of ET’s units
    ** ET expects to achieve at least $40 mln in annual cost
savings before additional financial and commercial benefits from
the deal
    ** Crestwood Equity Partners shares up 3.4% at $27.09
    ** ET shares up 6.1% YTD

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))