Crestwood Equity and Crestwood Midstream Announce Merger
05.07.15
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The Firm is representing the Crestwood entities in connection with the announced merger and related financing of Crestwood Midstream Partners LP (“Crestwood Midstream”) (NYSE: CMLP) and Crestwood Equity Partners LP (“Crestwood Equity”) (NYSE: CEQP) to simplify Crestwood’s corporate structure into a single publicly traded partnership with a consolidated enterprise value of approximately $7.5 billion.
Under the terms of the merger agreement, Crestwood Midstream will merge with a newly formed subsidiary of Crestwood Equity in a transaction in which, among other things, Crestwood Midstream unitholders will receive 2.75 units of Crestwood Equity for each unit of Crestwood Midstream they own. Following the completion of the merger, Crestwood Midstream will cease to be a publicly traded partnership but will survive as a wholly owned subsidiary of Crestwood Equity, and the incentive distribution rights of Crestwood Midstream will be permanently eliminated. Crestwood Holdings LLC will continue to own the general partner of Crestwood Equity, which will continue to be listed on the NYSE under the ticker symbol CEQP.
The Simpson Thacher team includes Bill Curbow, Chris May and Jim Cross (M&A); Ed Tolley and David Azarkh (Capital Markets); and Alden Millard and Daniel Kay (Banking & Credit).