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Crestwood Equity Partners LP (NYSE:CEQP) ("Crestwood") today announced that, at its special meeting of unitholders (the "Special Meeting"), Crestwood unitholders approved the previously announced transaction (the "Transaction") with Energy Transfer LP ("Energy Transfer"). The Transaction is expected to close on November 3, 2023.
"On behalf of Crestwood, I would like to thank our unitholders for their strong support in approving the Transaction with Energy Transfer. We believe the combination with Energy Transfer is highly strategic for Crestwood and provides Crestwood unitholders a compelling value enhancing opportunity as part of a significantly larger, more diverse MLP with a strong balance sheet, backlog of growth opportunities, and a target distribution per unit growth rate of 3 – 5% per year. Finally, Crestwood management and the board of directors would like to sincerely thank the employees of Crestwood for their hard work and dedication over the past 12 years to build a first-class organization and an asset portfolio of high-value, critical infrastructure. We look forward to the combined success of Crestwood and Energy Transfer for many years to come," commented Robert G. Phillips, Founder, Chairman, and Chief Executive Officer of Crestwood.
According to preliminary results of the Special Meeting, approximately 91.22% of the aggregate Crestwood common units and Crestwood preferred units, on an as-converted basis, voted were in favor of the transaction, resulting in 69.7% of outstanding units voting in favor.
Crestwood will disclose the final vote results of the Special Meeting on a Form 8-K filed with the U.S. Securities and Exchange Commission (the "SEC"). The Transaction remains subject to satisfaction of other customary closing conditions and is expected to close before market open on Friday, November 3, 2023. As previously announced, upon completion of the transaction, Crestwood common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit they own immediately prior to the effective time of the transaction.
