By TINA DAVIS
HOUSTON (Bloomberg) -- Devon Energy and Crosstex Energy agreed to create a new business that will acquire all of Crosstexs shares and combine the two companies pipelines and processing facilities.
The new entity, which has yet to be named, will consist of a master-limited partnership and general partner, both of which will be publicly traded, the companies said in a statement.
The business will have about 7,300 miles of pipelines, 13 processing plants and six fractionators as well as storage, terminals and a trucking fleet to move oil and natural gas.
Devon will be the new companys largest customer.