Sunoco Logistics, Energy Transfer Complete Merger
Sunoco Logistics Partners LP and Energy Transfer Partners LP have completed the merger of an indirect subsidiary of Sunoco Logistics with and into Energy Transfer. Energy Transfer will become a wholly owned subsidiary of Sunoco Logistics.
At the effective time of the merger, each Energy Transfer common unit converted into the right to receive 1.5 Sunoco Logistics common units. Based on the Energy Transfer units outstanding, Sunoco Logistics issued approximately 845 million common units to Energy Transfer unitholders.
The outstanding Energy Transfer Class E, Class G, Class I and Class K units at the effective time of the merger were converted into an equal number of newly created classes of Sunoco Logistics units, with the same rights, preferences, privileges, duties and obligations as such classes of Energy Transfer units had immediately prior to the closing of the merger. Additionally, the outstanding Sunoco Logistics common units and Class B units owned by Energy Transfer at the effective time of the merger were cancelled.
RELATED: Sunoco Logistics to Acquire Energy Transfer Partners
As part of the completion of the merger, Sunoco Logistics Partners LP changed its name to Energy Transfer Partners LP, and its common units are expected to begin trading on the New York Stock Exchange (NYSE) under the “ETP” ticker symbol on May 1. Effective with the opening of the market on April 28, Energy Transfer ceased to be a publicly traded partnership, and its common units discontinued trading on the NYSE.
Sunoco Logistics is a master limited partnership that owns and operates a logistics business consisting of a geographically diverse portfolio of complementary pipeline, terminalling and acquisition and marketing assets, which are used to facilitate the purchase and sale of crude oil, natural gas liquids and refined products. In connection with the merger and the company’s name change, its general partner became a consolidated subsidiary of Energy Transfer Equity LP.
Energy Transfer Partners is a master limited partnership that owns and operates one of the largest and most diversified portfolios of energy assets in the United States. Strategically positioned in all of the major U.S. production basins, the company owns and operates a geographically diverse portfolio of complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. Energy Transfer’s general partner is owned by Energy Transfer Equity.
Tags: Energy Transfer, mergers and acquisitions, Sunoco Logistics
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