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Energy Transfer LP (NYSE:ET) penned a merger agreement to acquire Crestwood Equity Partners LP (NYSE:CEQP) in an all-equity of around $7.1 billion.
The acquisition price includes the assumption of $3.3 billion of debt, based on the closing price of August 15, 2023.
As per the deal, Crestwood shareholders will receive 2.07 ET common units for each share held.
Post-deal closure, Crestwood unitholders are expected to own around 6.5% of ET’s outstanding shares.
The transaction is expected to close in Q4 2023, subject to the customary closing conditions.
The acquisition is expected to offer ET an entry into the Powder River basin and immediately accretive to ET's distributable cash flow per unit with neutral impact on leverage metrics.
The deal is expected to boost ET's NGL & Refined Products and Crude Oil businesses by adding strategically located storage and terminal assets that include about 10 million barrels of storage capacity and trucking and rail terminals.
Energy Transfer expects annual run-rate cost synergies of at least $40 million before additional benefits of financial and commercial opportunities.
As of June 30, 2023, ET's revolving credit facility had $2.36 billion available under its borrowing capacity.
Price Action: ET shares are trading higher by 2.05% at $12.82, and CEQP shares are up 3.63% at $27.14 on the last check Wednesday.
