Deal Description: Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that it and Crestwood Holdings LLC (“Crestwood Holdings”) have executed a series of definitive agreements whereby Crestwood will acquire approximately 11.5 million common units and the general partner interest from Crestwood Holdings for total consideration of approximately $268 million. In addition, Crestwood announced that First Reserve priced a private placement of six million common units for total proceeds of $132 million. With the combination of these transactions, First Reserve expects to have fully exited its investment in Crestwood. Crestwood will retire the approximate 11.5 million outstanding common units currently held by First Reserve, and transition to a publicly elected Board of Directors.
Baker Botts L.L.P. served as legal advisor to Citi, which served as placement agent in the private placement of Crestwood common units held by First Reserve.
Baker Botts Lawyers/Office Involved: Mollie Duckworth (Partner, Austin); Justin Hoffman (Partner, Houston); Grace Matthews (Associate, Austin); and Jack Chadderdon (Associate, Houston)
For more information, please see Crestwood’s news release by clicking here.
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