Crestwood Midstream Partners LP and the owner of its general partner, Crestwood Equity Partners LP, announced that Crestwood has completed the previously announced acquisition of Arrow Midstream Holdings, LLC ('Arrow'), a privately-held midstream company, for approximately $750 million.

'We are pleased to complete this strategic acquisition in the core of the Bakken Shale,' stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood's general partner. 'The Arrow transaction demonstrates the execution of our growth strategy in liquids-focused shale plays, where we can utilize existing assets to provide additional services to our customers and enhance returns for our investors. The larger scale of the combined Crestwood partnership also enabled us to efficiently finance the acquisition with an appropriate blend of long-term debt and equity financing sources,' added Phillips.

Tags: Crestwood Midstream Partners LP