Crestwood Preferred Unitholders Vote to Receive Energy Transfer Units
Crestwood Equity Partners released the results of a stockholders’ vote Nov. 1, showing that 58.2 % of the holders of Crestwood’s preferred units chose to convert their holdings into new Energy Transfer preferred units, following Energy Transfer’s acquisition of Crestwood. Crestwood anticipates the merger will close on Nov. 3.
In August, Energy Transfer announced it would acquire Crestwood Equity Partners in an all-stock merger valued at $7.1 billion. One of the last tasks for the merger to be completed was for the holders of Crestwood’s outstanding 9.25% of perpetual preferred units to determine the form of the merger.
According to a statement published by Crestwood and Energy Transfer: 58.2 % of the voters either chose to have their units converted into Energy Transfer units or did not vote by the deadline; 41.2 % of voters preferred to have their units converted into cash; and 0.6% of voters wanted to exchange their preferred units into common units.
The results were preliminary, the statement said, and will be used to determine the final parameters of the merger deal after certification.
