RTTNews | Mar 26, 2021 10:17AM EDT

10:16 Friday, March 26, 2021 (RTTNews.com) - Shares of Crestwood Equity Partners LP (CEQP) are currently trading at $25.72, up $1.35 or 5.54%, with trading volume of over 303K versus an average volume of 616K shares. The stock has been trading between $3.31 and $26.69 in the past one year.

Crestwood Equity Partners announced that it and Crestwood Holdings have executed a series of definitive agreements whereby Crestwood will acquire about 11.5 million common units and the general partner interest from Crestwood Holdings for total consideration of about $268 million.

In addition, Crestwood announced that First Reserve priced a private placement of six million common units for total proceeds of $132 million. With the combination of these transactions, First Reserve expects to have fully exited its investment in Crestwood.

Additionally, the Board of Directors has authorized a $175 million opportunistic common and preferred unit repurchase program.

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