Inergy and Inergy Midstream signed agreements with Crestwood Midstream (CMLP) and Crestwood Holdings to form a fully integrated midstream partnership with a total enterprise value of $7 billion.
In the process, Inergy acquired CMLP for $1.61 billion, including $35 million in cash and the rest in shares. The share exchange ratio represented a premium of 5% on CMLP's enterprise value of $1.5 billion. In addition, Crestwood Holdings acquired non-economic, general partner interest in Inergy for $80 million.
Asset Highlights of the Combined Entity