Crestwood Private Equity acquired a 50% stake in Jackalope Gas Gathering Services from Williams Companies for $484m.

Crestwood Private Equity acquired a 50% stake in Jackalope Gas Gathering Services from Williams Companies, a premier provider of large-scale infrastructure connecting US natural gas and natural gas products to growing demand for cleaner fuel and feedstocks, for $484m. Prior to the transaction, Crestwood was Williams’ 50% joint venture partner in Jackalope where Williams acted as operator, responsible for managing construction and operations and Crestwood served as marketer, responsible for commercial services. Following the transaction, Crestwood has assumed operatorship of Jackalope. “We continue to optimize our portfolio to improve our credit metrics while maintaining the growth embedded in our guidance. This win-win transaction frees up capital that we can re-deploy into high-return assets that are better linked to our strategy, while providing Crestwood with the entire ownership of an asset that is key to their Powder River Basin strategy.” Alan Armstrong, Williams president and chief executive officer.