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Midstream companies Energy Transfer and Crestwood Equity Partners set an Oct. 31 deadline for holders of Crestwood’s outstanding 9.250% perpetual preferred units to vote on their preferred form of merger consideration, the companies announced Oct. 23.
The election is amid Energy Transfer’s pending acquisition of Crestwood for $7.1 billion in an all-stock transaction on Aug. 18, according to a release. In the deal, Energy Transfer gains access to Crestwood’s assets in the Williston, Delaware and Powder River basins.
The election deadline was set according to both companies’ expectation that the acquisition deal, subject to the approval of Crestwood’s unitholders, will close on Nov. 3.
The release stated an election form was initially mailed on Sept. 29 to Crestwood preferred unitholders on record as of Sept. 22. Preferred unitholders wishing to vote on the election must deliver a properly completed election form to Equiniti Trust Company LLC by the election deadline.
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