ISS recommends Crestwood unitholders vote for Energy Transfer transaction

Crestwood Equity (CEQP) announced that leading independent proxy advisory firm Institutional Shareholder Services recommends that unitholders vote “FOR” the pending transaction with Energy Transfer (ET) at the special meeting of unitholders scheduled to be held on October 30. In its report dated October 17, ISS stated : “…the strategic rationale is compelling and CEQP investors will have an opportunity to participate in the potential upside of the combined entity.” “…the market response to the deal announcement has been positive. On balance, support for the transaction is warranted.” Crestwood issued the following statement: “We are pleased that ISS supports the Board’s unanimous recommendation that unitholders vote “FOR” the Transaction with Energy Transfer. The report issued by ISS reaffirms the compelling value creation opportunity the Transaction is expected to provide Crestwood unitholders, delivering estimated distribution per unit growth of 3-5% per year and providing substantial ownership in a significantly larger, more diverse MLP. We are confident that the combined entity will have significant growth prospects and deliver greater long-term value than Crestwood could realize on a standalone basis. We look forward to working alongside Energy Transfer to complete the Transaction.” The Transaction is expected to close in the fourth quarter, subject to the approval of Crestwood’s unitholders and other customary closing conditions.