Crestwood Midstream Partners LP and Crestwood Holdings LLC and Inergy, L.P. and Inergy Midstream, L.P. announced that Crestwood's unitholders have overwhelmingly voted to approve the proposed merger of Crestwood and Inergy. The combination will create a fully integrated midstream partnership with a total enterprise value of approximately $8 billion.
At a special meeting of unitholders held today, more than 99% of the votes cast by Crestwood unitholders were in favor of the merger of a subsidiary of Inergy Midstream with Crestwood Midstream, representing approximately 81% of Crestwood's total outstanding units entitled to vote as of the record date of the special meeting. This transaction is expected to close on Monday, October 7, 2013, completing the final step in the previously announced merger process. Upon closing, the newly combined entity will be named Crestwood Midstream Partners LP and will trade under the ticker symbol CMLP on the New York Stock Exchange beginning on October 8, 2013. Additionally, Inergy L.P. will be renamed Crestwood Equity Partners LP and will trade on the New York Stock Exchange under the ticker symbol CEQP beginning on October 8, 2013.
"We are very pleased to receive such overwhelming support for this transaction," said Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood and Inergy. "Our unitholders clearly recognize the significant value enhancement opportunities that stem from the creation of a fully integrated midstream MLP. We look forward to completing this merger and executing on our strategy to grow the partnership and increase distributable cash flow for our unitholders."