Energy Transfer to buy Crestwood in $7.1 billion deal (updated)

Crestwood Equity Partners LP

16/08/2023 13:11

(Adds details on the deal in paragraphs 2 to 4)
       Aug 16 (Reuters) - 
    Pipeline operator Energy Transfer  ET.N  said on Wednesday
it will buy Crestwood Equity Partners LP  CEQP.N  in a deal
valued at about $7.1 billion, including $3.3 billion of debt.
    The deal gives Energy Transfer entry to the Powder River
basin and extends its presence in the Williston and Delaware
basins.
        As per the terms of the deal, midstream company
Crestwood's common unitholders would receive 2.07 Energy
Transfer common units for each Crestwood common unit, the
companies said.
  
        The transaction is expected to close in the fourth
quarter of 2023.
  

 (Reporting by Arunima Kumar in Bengaluru; Editing by Nivedita
Bhattacharjee and Pooja Desai)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))