Crestwood Announces Strategic Delaware Basin Acquisitions And Divestiture Of Its Non-Core Barnett Shale Assets
Vinson & Elkins advised Crestwood Equity Partners LP (“Crestwood”) in connection with a series of agreements under which Crestwood or its subsidiaries will i) acquire Sendero Midstream Partners, LP for $600 million in cash, and ii) acquire First Reserve’s 50% equity interest in Crestwood Permian Basin Holdings LLC for $320 million in Crestwood common units, plus the assumption of asset level debt.
The transactions are expected to close early in the third quarter 2022, subject to customary regulatory approvals.
The V&E corporate team was led by partner Gillian Hobson and counsel Daniel McEntee, with assistance from associates Carli Gish, Tushar Parashar, Shane Copelin and Jake Lubenow. Other key team members include partners Ryan Carney and Jason McIntosh, senior associate Peter Rogers and associates Dan Henderson and Fariha Jawed; partner Sean Becker; partner Shane Tucker and associate Matt Green; partner Hill Wellford, senior associate Ryan Will and associate Rami Rashmawi; partner Matt Dobbins and associate Simon Willis; counsel Scot Dixon; partner Sarah Mitchell and associates Victoria Bahrami-Negad and Alex Turner; partner Darin Schultz and counsel Caitlin Lawrence; and counsel Rajesh Patel.
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