A Kansas City-based pipeline operator has agreed to a $7 billion merger with an affiliated company.
The Kansas City Star reports that Inergy L.P. agreed Monday to the merger with Houston-based Crestwood Midstream Partners L.P.
The buyout involves a series of cash-and-stock transactions and will result in Crestwood Holding, which is affiliated with Inergy, taking over Inergy and a related company, Inergy Midstream L.P.
Crestwood Midstream is controlled by the private equity firm First Reserve, which owns all of Crestwood Holdings and about 43 percent of Crestwood Midstream.
A statement from both companies said the transaction requires shareholder and regulatory approvals, and is expected to be completed in the third quarter this year.