M&A Deal Summary

Energy Transfer Acquires Crestwood

On August 16, 2023, Energy Transfer acquired energy services and equipment company Crestwood for 7.1B USD

Acquisition Highlights
  • This is Energy Transfer’s 5th transaction in the Energy Services and Equipment sector.
  • This is Energy Transfer’s 2nd largest (disclosed) transaction.
  • This is Energy Transfer’s 11th transaction in the United States.
  • This is Energy Transfer’s 6th transaction in Texas.

M&A Deal Summary
Date 2023-08-16
Target Crestwood
Sector Energy Services and Equipment
Buyer(s) Energy Transfer
Deal Type Add-on Acquisition
Deal Value 7.1B USD
Advisor(s) Evercore Group
Intrepid Investment Bankers (Financial)
Vinson & Elkins (Legal)

Target

Crestwood

Houston, Texas, United States
Crestwood is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. The company is engaged in the gathering, processing, treating, compression, and transportation of natural gas; storage, transportation, terminalling, and marketing of NGLs; gathering, storage, terminalling, and marketing of crude oil; and gathering and disposal of produced water. Crestwood was founded in 2001 and is based in Houston, Texas.

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Buyer(S) 1

Buyer

Energy Transfer

Dallas, Texas, United States
Category Company
Founded 1996
Sector Energy Services and Equipment
Employees13,786
Revenue 78.6B USD (2023)
DESCRIPTION

Energy Transfer is a master limited partnership that owns and operates a logistics business consisting of a geographically diverse portfolio of complementary crude oil, refined products, and natural gas liquids pipeline, terminalling and acquisition and marketing assets which are used to facilitate the purchase and sale of crude oil, refined products, and natural gas liquids. Energy Transfer was incorporated in 1996 and is based in Dallas, Texas.

DEAL STATS #
Overall 12 of 13
Sector (Energy Services and Equipment) 5 of 6
Type (Add-on Acquisition) 6 of 7
State (Texas) 6 of 7
Country (United States) 11 of 12
Year (2023) 3 of 3
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-27 Lotus Midstream

Sugar Land, Texas, United States

Lotus Midstream is an independent energy company focused on organic development of midstream infrastructure and services necessary to transport crude oil and condensate from the wellhead to market. Lotus also is pursuing strategic acquisition opportunities. The company’s mission is to leverage the management team’s thorough understanding of the crude oil value chain to identify optimal markets for supply and demand to maximize producer netbacks. Lotus Midstream was founded in 2018 and is based in Sugar Land, Texas.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-05-28 WTG

Midland, Texas, United States

WTG provides comprehensive midstream services including wellhead gathering, intra-basin transportation, and processing services. WTG is based in Midland, Texas.

Buy $3.3B
Mergr

Product

Company

Legal