ECP has entered into a definitive agreement to sell Sendero Midstream Partners to Crestwood Midstream Partners LP, an affiliate of Crestwood Equity Partners, for an enterprise value cash purchase price of $600 million, plus/minus adjustments for working capital.
Sendero is a premier gas gathering and processing business located in Eddy County, New Mexico, one of the most actively developed counties in the Permian Basin. Through ECP's ownership, Sendero has developed 350 million cubic feet per day (MMcf/d) of gas processing capacity and 140 miles of natural gas pipelines.
The transaction, which is subject to clearance under the Hart-Scott-Rodino Act and other customary closing conditions, is expected to close in July 2022.
