Crestwood Midstream Partners LP, Crestwood Holdings LLC and Inergy LP, Inergy Midstream LP have signed definitive agreements to create a fully integrated midstream partnership valued at $7 billion.
The combination of Crestwood and Inergy creates a diverse platform of midstream assets providing broad-ranging services in the premier shale plays in North America, including the Marcellus, Bakken, Eagle Ford, Permian Basin, Powder River Basin Niobrara, Utica, Barnett, Fayetteville, Granite Wash, Haynesville and Monterey.
The combination will be implemented through a series of transactions, which will result in Crestwood Holdings acquiring the general partner, thereby controlling Inergy LP. Crestwood’s Chairman, President and CEO Robert G. Phillips will lead Inergy LP, serving as chairman, president and CEO of the combined company. Until all of the transactions have closed, Crestwood Midstream and Inergy Midstream will continue to operate as separate, independent companies.