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Crestwood and Inergy merge midstream business

HOUSTON (AP) -- Crestwood Midstream Partners LP and Crestwood Holdings LLC said Monday they are forming a partnership with Inergy LP and Inergy Midstream LP to help meet increasing demand for shale field services in North America.

The arrangement will require a series of deals that will result in Crestwood Holdings acquiring control of Inergy LP. The transactions are expected to close by the third quarter.

The deals have already been approved by the boards of both companies. Crestwood's Chairman, President and CEO Robert Phillips will lead Inergy LP and retain those titles at the combined company.

The partnership will be based in Houston with executive offices in Kansas City, Mo., and Fort Worth, Texas. The name of the combined company will be decided closer to the completion of the deal. The executive management team is expected to include senior executives from both companies.