Kirkland Advises Energy Transfer on Acquisition of Crestwood in $7.1 Billion All-Equity Transaction

Kirkland & Ellis advised Energy Transfer LP (NYSE: ET) on a definitive agreement with Crestwood Equity Partners LP (NYSE: CEQP) pursuant to which Energy Transfer 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 transaction is expected to close in the fourth quarter of 2023, subject to the approval of Crestwood’s unitholders, regulatory approvals and other customary closing conditions.

Read the transaction press release

The Kirkland team was led by corporate partners Debbie Yee, Sean Wheeler and Camille Walker; tax partners David Wheat and Joe Tobias; capital markets partners Julian Seiguer and Atma Kabad; executive compensation partners Rob Fowler and Stephanie Jeane; and debt finance partner Rachael Lichman.