Crestwood Equity Partners LP and Oasis Midstream Partners LP (Oasis Midstream) have entered into a definitive merger agreement under which Crestwood will acquire Oasis Midstream. 

The transaction is valued at approximately US$1.8 billion including the assumption of debt and will be largely equity financed with around 33.8 million of Crestwood common units and US$160 million of cash consideration. Oasis Midstream Partners LP is a leading fee-based master limited partnership formed by its sponsor, Oasis Petroleum Inc., to own, develop, operate and acquire a diversified portfolio of midstream assets in North America. The transaction is expected to close in the first quarter of 2022.

J.P. Morgan Securities served as lead financial advisor, Intrepid Partners, LLC served as financial advisor, and Baker Botts L.L.P. served as legal advisor to Crestwood. Morgan Stanley & Co. LLC and Tudor, Pickering, Holt & Co. served as financial advisors to Oasis Petroleum and its affiliates and Vinson & Elkins L.L.P. served as legal advisor to Oasis Petroleum and its affiliates. Jefferies served as financial advisor, and Richards, Layton & Finger, P.A. served as legal advisor to the Conflicts Committee of Oasis Midstream.