Latham & Watkins Advises Sendero Midstream in its Sale to Crestwood Equity Partners

Crestwood Equity Partners LP (NYSE: CEQP) (Crestwood) has announced it has entered into an agreement to acquire Sendero Midstream Partners, LP for US$600 million in cash. The Sendero Midstream assets, located in Eddy County, New Mexico, are comprised of 350 MMcf/d of processing capacity, approximately 140 miles of natural gas gathering lines and more than 53,000 horsepower of field gathering compression. The transaction is expected to close early in the third quarter 2022, subject to customary regulatory approvals.

Latham & Watkins represents the sellers in the transaction with a corporate deal team led by Houston partner Lauren Anderson and Houston/Austin partner Bill Finnegan, with Houston associates Dan Harrist, John Daywalt, and Vera Bespalova. Advice was also provided on antitrust matters by Washington, D.C. partner Jason Cruise, with New York associate Karen Kim; on tax matters by New York partner David Raab, with New York associate Ronald Moore; on benefits and compensation matters by Washington, D.C. partner David Della Rocca, with Houston counsel Krisa Benskin; on environmental matters by Houston partner Joel Mack, Orange County partner Christopher Norton, and Los Angeles counsel Joshua Marnitz; on real estate matters by San Diego partner Robert Frances and San Diego counsel Aaron Friberg; and on representation and warranty insurance matters by Los Angeles partner Drew Levin, with Los Angeles associate Harrison White.