Energy Transfer LP 8 月 16 日表示，将以价值 71 亿美元的全股票合并方式收购Crestwood Equity Partners LP ，这是今年最新的中游行业大型交易。

Crestwood 的系统包括位于威利斯顿、特拉华州和粉河盆地的收集和加工资产。Crestwood 的资产包括约 2 Bcf/d 的天然气收集能力、1.4 Bcf/d 的天然气加工能力和 340,000 桶/天的原油收集能力。

Energy Transfer 在 8 月 16 日的新闻稿中表示，“一旦完成，这笔交易将把 Energy Transfer 在价值链中的地位进一步扩大到威利斯顿和特拉华盆地，同时也提供进入粉河盆地的机会。”

这些资产预计将补充 Energy Transfer 在 Mont Belvieu 的下游分馏产能，以及德克萨斯州 Nederland 终端和费城 Marcus Hook 终端的碳氢化合物出口能力。

Energy Transfer表示，此次补充预计还将为该公司的液化天然气、精炼产品和原油业务带来好处，增加战略位置的存储和码头资产，包括约10兆桶的存储容量以及卡车运输和码头资产。铁路终点站。该系统主要由投资级生产商客户支持，这些客户拥有稳定的长期合同和大量的土地投入。

Energy Transfer 的交易包括承担 Crestwood 33 亿美元的债务，但 Energy Transfer 表示，此次收购将其描述为“信用中性补充”。根据协议条款，Crestwood 普通单位持有人将获得 2.07每个 Crestwood 普通单位的 Energy Transfer 普通单位基于 8 月 15 日的单位价格。该交易预计将于 2023 年第四季度完成，但须获得 Crestwood 单位持有人的批准、监管部门的批准和其他惯例成交条件。

交易完成后，Crestwood 普通单位持有人预计将拥有 Energy Transfer 已发行普通单位的约 6.5%。

Energy Transfer 还预计在获得额外的财务和商业机会之前实现每年至少 4000 万美元的运行成本协同效应。此次交易预计将为 Crestwood 单位持有人提供单位分配收益，并有机会参与 Energy Transfer 的目标单位年度分配增长率 3% 至 5%。

美银证券担任 Energy Transfer 的独家财务顾问，凯易律师事务所 (Kirkland & Ellis LLP) 担任法律顾问。Intrepid Partners LLC 和 Evercore 担任 Crestwood 的财务顾问，Vinson & Elkins LLP 担任法律顾问。

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Energy Transfer LP said on Aug. 16 it will acquire Crestwood Equity Partners LP in an all-stock merger valued at $7.1 billion, the latest midstream sector megadeal this year.

Crestwood’s system includes gathering and processing assets located in the Williston, Delaware and Powder River basins. Crestwood’s assets comprise approximately 2 Bcf/d of gas gathering capacity, 1.4 Bcf/d of gas processing capacity and 340,000 bbl/d of crude gathering capacity.

“If consummated, this transaction would extend Energy Transfer’s position in the value chain deeper into the Williston and Delaware basins while also providing entry into the Powder River basin,” Energy Transfer said in an Aug. 16 press release.

The assets are expected to complement Energy Transfer’s downstream fractionation capacity at Mont Belvieu, as well as its hydrocarbon export capabilities from both its Nederland Terminal in Texas and the Marcus Hook Terminal in Philadelphia.

Energy Transfer said the bolt-on is also expected to provide benefits to the company’s NGL and refined products and crude oil businesses with the addition of strategically located storage and terminal assets, including approximately 10 MMbbl of storage capacity, as well as trucking and rail terminals. The systems are anchored by predominantly investment-grade producer customers with firm, long-term contracts and significant acreage dedications.

Energy Transfer’s deal includes the assumption of Crestwood’s $3.3 billion in debt but the Energy Transfer said the described the acquisition as a “credit neutral bolt-on.” Under the terms of the agreement, Crestwood common unitholders will receive 2.07 Energy Transfer common units for each Crestwood common unit based on unit prices on Aug. 15. The transaction is expected to close in fourth-quarter 2023, subject to the approval of Crestwood’s unitholders, regulatory approvals and other customary closing conditions.

Upon closing, Crestwood common unitholders are expected to own approximately 6.5% of Energy Transfer’s outstanding common units.

Energy Transfer also expects to achieve at least $40 million of annual run-rate cost synergies before additional benefits of financial and commercial opportunities. The transaction is anticipated to provide Crestwood unitholders a benefit to distributions per unit and an opportunity to participate in Energy Transfer’s targeted annual distribution per unit growth rate of 3% to 5%.

BofA Securities acted as sole financial adviswr to Energy Transfer and Kirkland & Ellis LLP acted as legal counsel. Intrepid Partners LLC and Evercore acted as financial adviswrs to Crestwood and Vinson & Elkins LLP acted as legal counsel.

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