Inergy Holdings, L.P. (“Holdings”)(NYSE:NRGP) and Inergy, L.P. (“Inergy”)(NYSE:NRGY) announced today that a majority of the unitholders of Holdings have approved the First Amended and Restated Agreement and Plan of Merger, dated as of September 3, 2010, as well as the transactions contemplated by such agreement.
At its special unitholder meeting today, 81% of Holdings, or approximately 50.5 million Holdings units, voted in favor of the merger agreement and related matters. Of the total votes cast by the unitholders of Holdings, 99% voted in favor of the merger agreement and related matters.
“Unitholder approval is an important step for our partnership and further validates the merits of this strategic transaction,” said John Sherman, President and CEO of Inergy. “The simplification of Inergy’s capital structure is expected to increase our competitiveness, lower our cost of capital, improve the long-term growth profile of the company, and open up value creation opportunities that may not be available to us today.”
The merger is expected to close on November 5, 2010, resulting in Holdings unitholders receiving 0.77 Inergy units for each Holdings unit. Cash will be paid to Holdings unitholders in lieu of any fractional units that would have resulted from the exchange. As a result of the closing, Holdings’ common units will discontinue trading on the New York Stock Exchange as of the close of business on November 5, 2010. Inergy will continue to be traded on the New York Stock Exchange under the ticker NRGY.About Inergy, L.P. and Inergy Holdings, L.P. Inergy, L.P., with headquarters in Kansas City, MO, is among the fastest growing master limited partnerships in the country. The Company’s operations include the retail marketing, sale, and distribution of propane to residential, commercial, industrial, and agricultural customers. Today, Inergy serves approximately 800,000 retail customers from over 300 customer service centers throughout the United States. The Company also operates a natural gas storage business; a supply logistics, transportation, and wholesale marketing business that serves independent dealers and multi-state marketers in the United States and Canada; and a solution-mining and salt production company.