August 24, 2023 | Energy | North America | Ended
Texas energy company Energy Transfer announced on 16-Aug-23 that it will buy its smaller master limited partnership (“MLP”) rival, Crestwood Equity Partners (“Crestwood”), in an all-stock transaction valued at $7.1bn, including the assumption of $3.3bn of debt. According to the agreement, common unitholders of Houston-based Crestwood will receive 2.07 Energy Transfer common units for each Crestwood unit. As a result, Crestwood unitholders will own 6.5% of Energy Transfer, while Energy Transfer unitholders will own the remaining 93.5%. Based on the previous day’s closing prices, the offer implies a negative premium of ...
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