Originally published at www.seclive.com
Crestwood Midstream Partners LP (NYSE:CMLP) and Crestwood Equity Partners LP (NYSE:CEQP) announced the completion of the acquisition of Arrow Midstream Holdings, LLC in a $750M deal. The transaction consists of $550M cash and $200M in stock, with part of the cash offering funded by 6.125% Senior Notes due 2022. Crestwood is one of the largest midstream service providers, particularly in the Bakken shale play, where it handles roughly 18% of total Bakken crude production. Arrow owns and operates 460 miles of pipeline and with this acquisition, Crestwood expects many synergies to be realized as it further grows and expands. President and CEO of Crestwood's general partner, Robert Phillips remarked that the acquisition marks another strategic step forward in the Bakken shale, with the company able to grow its services and revenue.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.