Energy Transfer’s $7.1 Billion Acquisition of Crestwood

August 15, 2023

Cleary Gottlieb is representing BofA Securities Inc. as financial advisor to Energy Transfer LP (Energy Transfer) in its acquisition of Crestwood Equity Partners LP (Crestwood) in an all-equity transaction valued at approximately $7.1 billion, including the assumption of $3.3 billion of debt, based on the closing price on August 15, 2023.

Under the terms of the agreement, Crestwood common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit. The transaction is expected to close in the fourth quarter of 2023, subject to the approval of Crestwood’s unitholders, regulatory approvals, and other customary closing conditions. Upon closing, Crestwood common unitholders are expected to own approximately 6.5% of Energy Transfer’s outstanding common units.

Energy Transfer owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with nearly 125,000 miles of pipeline and associated energy infrastructure. Based in Houston, Texas, Crestwood is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States.