One-Page Deal Sheet
Crestwood Equity Acquires 50% Stake in Permian Affiliate from First Reserve
Crestwood Equity Partners LP First Reserve Corp
Announced Date
May 25,2022
Close Date
July 12,2022
Transaction Type
Asset
Transaction Details: Require Private Equity Subscription
Crestwood Equity Partners LP has agreed to acquire First Reserve’s 50% equity interest in Crestwood Permian Basin Holdings LLC for $320 million in Crestwood common units, plus the assumption of $75 million in asset level debt - $395 million total.
Under the terms of the First Reserve agreement, Crestwood will acquire the remaining 50% equity interest in CPJV for $320 million. As part of the valuation and a condition to closing the transaction, First Reserve will fund $75 million into CPJV to paydown asset level debt.
In connection with these steps, Crestwood will issue to First Reserve…
Permian Deal Activity In Last 12 Months
| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
|---|---|---|---|---|---|
| May-16-2022 |
-  |
- |
Click here | Texas | Midstream |
| Feb-04-2022 |
- |
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| Oct-26-2021 |
- |
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| Oct-21-2021 |
- |
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Click here | Texas | Midstream |
| Mar-05-2021 |
- |
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Click here | Midstream |