(Bloomberg) — Billionaire Kelsey Warren’s Energy Transfer LP will buy Crestwood Equity Partners LP in a $7.1 billion all-share deal that will lead to a significant expansion of its pipeline networks across the United States.

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The deal will extend the carrier’s site in the Williston Basin of Montana and North Dakota and the Permian Basin of western Texas and New Mexico, while providing access to the Powder River Basin in Wyoming, according to a statement on Wednesday. The Crestwood system includes approximately 2 billion cubic feet per day of gas gathering capacity and 340,000 barrels per day of crude oil gathering capacity.

Power transmission shares were up about 2% as of 10:19 a.m. in New York, and Crestwood stock was up about 5%.

The US energy sector has seen a sharp rise in deal-making after booming profits in recent years left producers running low on cash. Pipeline operators have been part of the activity as the transition to renewable energy makes it unlikely that major new infrastructure will be built even as shale oil purchase demand continues as shale oil producers seek to maintain high-quality drilling sites. In May, Oneok Inc. agreed to purchase Magellan Midstream Partners LP in a cash and stock deal for $18.8 billion pending shareholder approval.

Read more: Oil correction is poised for a buyout wave as US drillers search for new ground

Warren, 67, has been on a buying spree for more than three years. Even before Wednesday’s announcement, it had pledged more than $11 billion to snap up pipelines and ancillary assets in the Permian region, Gulf Coast and Great Plains. The value of pipeline networks continued to increase amid the need to connect remote wells to population centers and export facilities.

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According to the statement, the Crestwood deal includes the assumption of $3.3 billion in debt. Under the terms of the transaction, which is expected to close in the fourth quarter, Crestwood’s common unitholders will receive 2.07 common units of power transmission for each common unit of Crestwood. Post closing, Crestwood’s joint unit owners are expected to own approximately 6.5% of the outstanding joint units for power transmission.

“We view the transaction as ET-neutral,” Elvira Scotto, an analyst at RBC Capital Markets, said in a report. “ET units are likely to underperform given the all-stock deal.”

BofA Securities acted as sole financial advisor to Energy Transfer, and Kirkland & Ellis LLP was the legal advisor. Intrepid Partners LLC and Evercore acted as financial advisors to Crestwood and Vinson & Elkins LLP was legal advisor.

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