Energy Transfer Partners (ETP) To Acquire Sunoco (SUN) in $5.3B Deal

April 30, 2012 6:32 AM EDT Send to a Friend
Energy Transfer Partners, L.P. (NYSE: ETP) announced an agreement to acquire Sunoco, Inc. (NYSE: SUN) in a unit and cash transaction valued at $50.13 per share, or a total consideration of approximately $5.3 billion.

The merger consideration, which consists of $25 in cash and 0.5245 of an ETP common unit, or approximately 50 percent cash and 50 percent ETP common units, represents a 29 percent premium to the 20-day average closing price of Sunoco shares as of April 27, 2012.

The transaction has been approved by each company’s board of directors and is expected to close in the third or fourth quarter of 2012, subject to approval of Sunoco shareholders and customary regulatory approvals. Following the closing, Sunoco and Sunoco Logistics Partners will operate under the Energy Transfer Equity, L.P. umbrella of companies. By acquiring Sunoco, ETP will own Sunoco’s general partner interest, limited partner interest and the incentive distribution rights in Sunoco Logistics Partners.


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