Crestwood Midstream Partners LP (NYSE: CMLP) has closed a deal for Arrow Midstream Holdings LLC for $750 million.
The deal allows Crestwood to expand the company’s Baaken Shale footprint. The deal was previously announced in October.
Arrow operates crude oil, natural gas and water gathering systems in North Dakota.
Crestwood, headquartered in Houston, is facilitating the deal through subsidiary Crestwood Arrow Acquisition LLC. The company owns and operates midstream businesses in shale plays across the U.S.
The deal comes during a busy time for the energy sector. Other oil and gas acquisitions include Caelus Energy LLC’s deal for Pioneer Natural Resources Co.'s Alaka unti, and Idemitsu Kosan Co. Ltd. and AltaGas Ltd.’s acquisition of a stake in Petrogas Energy Corp.
Jefferies LLC acted as financial adviser to Arrow on the deal. Vinson & Elkins partners Chris Collins, Gillian Hobson, Neil Imus, Sean Becker, Shane Tucker, John Lynch and David Peck provided legal advice to Crestwood on the deal.