Merger with Inergy Holdings, L.P.

Energy
Merger with Inergy Holdings, L.P.

Summary

Baird served as exclusive financial advisor to the Special Committee of Inergy, L.P.

About

Inergy, L.P. (NYSE:NRGY) and Inergy Holdings, L.P. (NYSE:NRGP) recently announced a definitive agreement that, upon completion, will result in the merger of the two partnerships, creating an approximately $6 billion enterprise. The merger transaction will be completed with equity consideration and will result in the elimination of NRGY’s incentive distribution rights owned by NRGP and NRGY owning its non-managing general partner’s economic interest. Under the terms of the merger agreement, NRGP unitholders will receive 0.77 NRGY common units in exchange for each NRGP common unit they own at closing. The transaction will result in approximately 47.7 million additional units being issued by NRGY. Upon closing of the merger, the former owners of NRGP will own approximately 43.8% of the combined entity.

Inergy, L.P. is among the fastest growing master limited partnerships in the country. The Partnership’s operations include the retail marketing, sale, and distribution of propane to residential, commercial, industrial and agricultural customers. The Partnership also operates a natural gas storage business, and a supply logistics, transportation and wholesale marketing business that serves independent dealers and multi-state marketers in the United States and Canada.

Inergy Holdings, L.P.’s assets consist of its ownership interest in Inergy, L.P., including the incentive distribution rights.

Baird served as the exclusive financial advisor and provided a fairness opinion to the independent committee of the board of directors of NRGY’s managing general partner in this transaction.

For additional information about this transaction, please contact:

Curtis Goot (314) 812-2773
Frank Murphy (314) 812-2774
Jim Penilla (314) 812-2781
Kjell Lundal (314) 812-2776
Energy
Merger with Inergy Holdings, L.P.
Date
August 2010
Company
Inergy, L.P.
Transaction
M&A
Sectors
Energy
Target Location
North America
Acquiror Location
North America

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