UPDATE 1-Energy Transfer to buy Crestwood in $7.1 billion deal

Pipeline operator Energy Transfer said on Wednesday it will buy Crestwood Equity Partners LP in a deal valued at about $7.1 billion, including $3.3 billion of debt. The deal gives Energy Transfer entry to the Powder River basin and extends its presence in the Williston and Delaware basins. As per the terms of the deal, midstream company Crestwood's common unitholders would receive 2.07 Energy Transfer common units for each Crestwood common unit, the companies said.