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Crestwood Strikes $7 Billion Deal with Inergy

Pipe is stacked at the southern site of the Keystone XL pipeline in Cushing, Oklahoma.
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Pipe is stacked at the southern site of the Keystone XL pipeline in Cushing, Oklahoma.

Pipeline operator Crestwood Midstream Partners will acquire control of Inergy to form an entity with an enterprise value of about $7 billion, the companies said.

The merger will be implemented through a series of transactions, and Crestwood's Chief Executive Robert Phillips, will lead the combined company, the companies said in a statement.

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