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Energy Transfer to Acquire Crestwood in a $7.1 Billion All-Equity Transaction


Vinson & Elkins advised Crestwood Equity Partners LP (“Crestwood”) in its entry into a definitive merger agreement pursuant to which Energy Transfer LP will acquire Crestwood in an all-equity transaction valued at approximately $7.1 billion, including the assumption of $3.3 billion of debt, based on the closing price on August 15, 2023.

The Vinson & Elkins team was led by partners Sarah Morgan, Steve Gill and Ramey Layne and senior associate David Bumgardner, with assistance from associates Chandler Jones, Phil Greenfield, Matthew Rando and Shelby Shearer. Also advising on the deal were partners John Lynch and Ryan Carney, counsel Peter Rogers and associate Dan Henderson; partner Shane Tucker and associates Maddison Riddick and Hayden Rutledge; partner Hill Wellford, senior associate Ryan Will and associate Rami Rashmawi; partner Becky Baker and associate Ashley Plunk; and senior associate Lucy Liu.

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