Deals
Inergy to Acquire Gas Gatherer Crestwood for $1.61 Billion
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Inergy Midstream LP, the pipeline partnership that began trading publicly 18 months ago, agreed to buy Crestwood Midstream Partners LP for $1.61 billion in stock and cash, adding natural gas processing capabilities as it seeks to capitalize on rising U.S. output of the fuel.
Crestwood Midstream holders will get 1.07 Inergy Midstream units for each unit they own and a one-time cash payment of $35 million, according to a statement today from the two companies. The cash portion wouldn’t be paid for units held by Crestwood Holdings LLC. For the other holders, the deal values Houston-based Crestwood at a 14 percent premium to the May 3 closing price, according to data compiled by Bloomberg.