Benzinga | Jun 1, 2021 09:09AM EDT

Crestwood And Con Edison Divest Stagecoach Gas Services To Kinder Morgan For $1.225B

Crestwood Equity Partners LP (NYSE:CEQP) ("Crestwood") and Consolidated Edison, Inc. (NYSE:ED) ("Con Edison") today announced that their subsidiaries entered into a purchase and sale agreement to divest Stagecoach Gas Services LLC ("Stagecoach"), to a subsidiary of Kinder Morgan, Inc. (NYSE:KMI) for $1.225 billion. The cash proceeds from the divestiture will be split pro rata between Crestwood and Con Edison in line with each member's 50% ownership interest in the joint venture. The agreement was signed on May 31, 2021 and is subject to two closing periods. The first closing consists of the transfer of the Stagecoach subsidiaries (with the exception of Twin Tier Pipeline LLC) valued at $1.195 billion, and is expected to occur following approval under Hart-Scott-Rodino, during the third quarter of 2021.