Crestwood Equity Partners and Crestwood Midstream Partners LP says that Crestwood Equity has entered into definitive agreements to sell 100% of the membership interest in Tres Palacios Gas Storage LLC ('Tres Palacios') to a newly formed joint venture between Crestwood Midstream and an affiliate of Brookfield Infrastructure Group ('Brookfield Infrastructure') for total cash consideration of $130 million. Crestwood Midstream will own 50.01% of Tres Palacios Holdings LLC ('TPH LLC') and will be the operator of Tres Palacios and its assets. The transaction is expected to close in early December 2014.
Brookfield Infrastructure is a global owner and operator of high quality long-lived infrastructure assets in the areas of utilities, transportation and energy. Brookfield Infrastructure's North American energy platform includes approximately 15,500 km of natural gas transmission pipelines and 300 billion cubic feet ('Bcf') of natural gas storage including its recently announced acquisition of the Lodi Natural Gas Storage facility in California.