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Latham & Watkins Advises Crestwood and Con Edison in US$1.225 Billion Divestiture of Stagecoach Gas Services

June 2, 2021
A multidisciplinary team advises joint venture on the transaction.

Consolidated Edison, Inc. (NYSE: ED) (Con Edison) and Crestwood Equity Partners LP (NYSE: CEQP) (Crestwood) have 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 US$1.225 billion in cash consideration. The agreement was signed on May 31, 2021 and will close in two phases.

Latham & Watkins LLP joined Con Edison Associate General Counsel Michelle Hyland and Crestwood Vice President, Associate General Counsel & Corporate Secretary Mike Post in representing the seller affiliates of Con Edison and Crestwood in the transaction with a corporate deal team led by New York partner Christopher Cross, with New York associates Julian Azran, Hancen Yu and Nicolas Gonzalez. Advice was also provided on tax matters by Los Angeles partner Pardis Zomorodi; on intellectual property matters by New York partner Steven Betensky, with New York associate Max Miroff; on antitrust matters by Washington, D.C. partner Jason Cruise and Washington, D.C. counsel Sydney Smith; on benefits and compensation matters by New York partner Jennifer Pepin; on energy regulatory matters by Washington, D.C. of counsel Michael Gergen; on environmental matters by New York counsel David Langer; on real estate matters by San Diego partner Robert Frances; and on finance matters by New York partner Chirag Dedania.