Paul Hastings Advises Conflicts Committee of Crestwood Midstream Partners in its Joint Purchase with Brookfield Infrastructure of Tres Palacios Natural Gas Storage from Crestwood Equity Partners
Houston, TX-- Paul Hastings LLP, a leading global law firm, announced today that the firm represented the Conflicts Committee of the Board of Directors of the general partner of Crestwood Midstream Partners LP (NYSE: CMLP) (“Crestwood Midstream”) in the purchase by Crestwood Midstream of a 50.01% interest in Tres Palacios Holdings LLC, a joint venture with Brookfield Infrastructure Group to own the Tres Palacios natural gas storage facility in Matagorda, Wharton and Colorado counties, Texas with a capacity to store up to 38.4 Bcf of natural gas and more than 1 Bcf/day injection and withdrawal capability. Crestwood Midstream will be the operator of Tres Palacios. The joint venture will purchase Tres Palacios from Crestwood Equity Partners LP (NYSE:CEQP) for a total cash consideration of $130 million. The transaction is expected to close in early December 2014.
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