Crestwood Midstream Partners Acquires Arrow Midstream for $750M
Crestwood Midstream Partners LP (NYSE: CMLP) today announced that its wholly-owned subsidiary, Crestwood Arrow Acquisition LLC ("Crestwood Arrow"), has entered into an agreement to acquire Arrow Midstream Holdings, LLC ("Arrow"), a privately-held midstream company, for approximately $750 million, subject to customary purchase price adjustments. The acquisition marks a continuation of Crestwood's liquids-focused strategy by significantly expanding Crestwood's operational footprint in the Bakken Shale and highlights the immediate benefits of the merger of Crestwood and Inergy Midstream, which was completed on Monday, October 7, 2013. The transaction is expected to be immediately accretive to Crestwood's estimated distributable cash flow per limited partner unit in 2014, with growing accretion thereafter based upon projected production increases from the Arrow assets. The transaction is expected to close in the fourth quarter of 2013.
Arrow, through its wholly-owned subsidiaries, owns and operates substantial crude oil, natural gas and water gathering systems located on