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Energy Transfer (NYSE:ET) has announced a merger with Crestwood Equity Partners (NYSE:CEQP) that is expected to be completed in Q4 of 2023.
Under the terms of the agreement, Energy Transfer has agreed to give Crestwood Equity Partners $7.10 billion in stock in exchange for CEQP stock.
Energy Transfer owns a large platform of crude oil, natural gas, and natural gas liquid assets primarily in Texas and the U.S.
Crestwood Equity Partners LP develops, acquires, owns or controls, and operates fee-based assets and operations within the energy midstream sector. The company has a diversified portfolio of crude oil and natural gas gathering, processing, storage, and transportation assets that connect fundamental energy supply with energy demand across North America.
A merger happens when a company combines operations with another company. In practice, one company will buy the other company's stock in exchange for its own stock. In some cases, cash is used to pay for the company's stock but usually the companies agree to a stock-for-stock transaction.
Due to the exchange and acquisition of stock, a merger is similar to an acquisition. This is why the two terms are commonly grouped together as mergers and acquisitions (M&A). However, in a merger, the leadership & operations of both companies usually change dramatically, while during an acquisition this is less likely to happen.
Make sure to follow our mergers & acquisitions calendar to stay-up-to-date on the most recent M&A deals.
This article was generated by Benzinga's automated content engine and reviewed by an editor.
