Enterprise (EPD) and TEPPCO (TPP) Complete Merger
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Enterprise Products Partners L.P. (NYSE: EPD) and TEPPCO Partners, L.P. (NYSE: TPP) today announced that the merger of the two partnerships has been completed. The merger agreement was previously approved by TEPPCO unitholders at a special meeting held October 23, 2009 in Houston. With an enterprise value of approximately $30 billion, 48,000 miles of pipelines and market capitalization of $18 billion, Enterprise is now the nation's largest publicly traded partnership.
With the completion of the merger TEPPCO has become a wholly-owned subsidiary of Enterprise. The common units of Enterprise will continue to be traded on the New York Stock Exchange under the ticker symbol EPD. TEPPCO's units, which had been trading on the NYSE under the ticker symbol TPP, will be delisted and no longer publicly traded.
With the completion of the merger TEPPCO has become a wholly-owned subsidiary of Enterprise. The common units of Enterprise will continue to be traded on the New York Stock Exchange under the ticker symbol EPD. TEPPCO's units, which had been trading on the NYSE under the ticker symbol TPP, will be delisted and no longer publicly traded.
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