Consolidated Edison, Crestwood form pipeline and storage joint venture

(Reuters) - Consolidated Edison Inc said its unit would purchase a 50 percent stake in a new entity that will hold Crestwood Equity Partners LP's natural gas pipeline and storage business for $975 million.

The joint venture will own natural gas pipelines and storage facilities that provide a critical link between natural gas fields and Northeast U.S. markets

The new entity Stagecoach Gas Services LLC will have an implied market value of about $2 billion, the companies said in a statement.

(Reporting by Swetha Gopinath in Bengaluru; Editing by Anil D'Silva)