Energy Transfer Partners (ETP) Completes Sale of Propane Operations to AmeriGas Partners (APU)
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Energy Transfer Partners, L.P. (NYSE: ETP) has closed on its previously announced agreement with AmeriGas Partners, L.P. (NYSE: APU) to contribute its propane operations, consisting of Heritage Operating, L.P. and Titan Energy Partners, L.P., in exchange for approximately $2.85 billion.
Under the terms of the agreement, ETP received approximately $1.46 billion in cash and approximately $1.32 billion of APU common units. In addition, APU has agreed to assume approximately $71 million of existing Heritage debt.
ETP will own approximately 34% of the common units of APU and has committed to retain those units for at least one year. UGI Corporation (NYSE: UGI), through subsidiaries, will remain as the general partner of APU and ETP will appoint 1 director to the APU general partner board of directors.
Under the terms of the agreement, ETP received approximately $1.46 billion in cash and approximately $1.32 billion of APU common units. In addition, APU has agreed to assume approximately $71 million of existing Heritage debt.
ETP will own approximately 34% of the common units of APU and has committed to retain those units for at least one year. UGI Corporation (NYSE: UGI), through subsidiaries, will remain as the general partner of APU and ETP will appoint 1 director to the APU general partner board of directors.
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