Crestwood Equity/Midstream Announce Date to Merge Two Companies

mergerMore high finance stuff–this time in the midstream world. Crestwood Equity Partners LP and Crestwood Midstream Partners are, on paper, two different companies. Crestwood Equity Partners is a master limited partnership (MLP) that operates an NGL supply and logistics business and currently owns, on paper, 4% of Crestwood Midstream Partners, a pipeline business operating in multiple U.S. shale plays. Crestwood Midstream also has an NGL business. The two Crestwood companies merged with and took over Inergy Midstream in an $8 billion deal in October 2013 (see Crestwood/Inergy Complete Their Merger Today, Worth $8B). Now, in a move they call “simplification,” Crestwood is combining the two companies, Equity Partners and Midstream, into one. Yesterday the two companies jointly announced a special meeting on September 30th to vote on the proposed merger/simplification. Back in May when the company announced plans to merge the two together, Wall Street didn’t like it, sending Equity Partners’ stock down 17%…

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