
Crestwood Equity Partners released the results of a stockholders’ vote Nov. 1, showing that 58.2 % of the holders of Crestwood’s preferred units chose to convert their holdings into new Energy Transfer preferred units, following Energy Transfer’s acquisition of Crestwood. Crestwood anticipates the merger will close on Nov. 3. (Source: Shutterstock)
Crestwood Equity Partners released the results of a stockholders’ vote Nov. 1, showing that 58.2 % of the holders of Crestwood’s preferred units chose to convert their holdings into new Energy Transfer preferred units, following Energy Transfer’s acquisition of Crestwood. Crestwood anticipates the merger will close on Nov. 3.
In August, Energy Transfer announced it would acquire Crestwood Equity Partners in an all-stock merger valued at $7.1 billion. One of the last tasks for the merger to be completed was for the holders of Crestwood’s outstanding 9.25% of perpetual preferred units to determine the form of the merger.
According to a statement published by Crestwood and Energy Transfer: 58.2 % of the voters either chose to have their units converted into Energy Transfer units or did not vote by the deadline; 41.2 % of voters preferred to have their units converted into cash; and 0.6% of voters wanted to exchange their preferred units into common units.
The results were preliminary, the statement said, and will be used to determine the final parameters of the merger deal after certification.
Recommended Reading
Vital Energy Promotes Katie Hill to COO
2023-11-14 - Vital Energy is promoting Katie Hill to senior vice president and COO effective Nov. 13, the company said.
Equitrans Midstream CEO Tom Karam to Step Down
2023-09-08 - Equitrans Midstream Corp. is executing a “long-planned leadership succession strategy” as the company enters into a new phase with the Mountain Valley Pipeline nearing completion.
SilverBow Resources Appoints Ellen R. DeSanctis to the Board
2023-11-27 - Ellen R. DeSanctis, formerly a senior vice president at ConocoPhillips, replaces Strategic Value Partners’ David Geenberg who is stepping down as his firm reduces its equity in SilverBow.
Former Chesapeake, SandRidge Exec Plans IPO for Anadarko E&P
2023-09-26 - Anadarko Basin E&P Mach Resources is planning an initial public offering, according to preliminary regulatory filings.
Capstone Appoints Emer Higgins as New VP of Operations
2023-11-28 - Emer Higgins will oversee Capstone Green Energy’s manufacturing, procurement/planning, warehouse, environmental, health/safety and facilities departments.