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Stock Market & Financial Investment News

News Breaks
April 28, 2014
07:10 EDTETE, ETP, SUSP, SUSSEnergy Transfer Partners to acquire Susser Holdings for approx. $1.8B
Energy Transfer Partners, L.P. (ETP) announced that it has entered into a definitive merger agreement whereby ETP plans to acquire Susser Holdings Corporation (SUSS) in a unit and cash transaction valued at a total consideration of approximately $1.8B. By acquiring Susser Holdings, ETP will own the general partner interest and the incentive distribution rights in Susser Petroleum Partners LP (SUSP), approximately 11 million SUSP common units, and SUSS’ existing retail operations, consisting of 630 convenience store locations. Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of ETP and SUSS, the shareholders of Susser Holdings will have the option to elect to receive either $80.25 in cash or 1.4506 ETP common units, or a combination of both, for each share held. The shareholder election is subject to proration to ensure that aggregate cash paid and common units issued will each represent 50% of the aggregate merger consideration. Given the capital appreciation embedded in the stock price of Susser Holdings, the receipt of ETP units on a tax deferred basis should be attractive to long-term Susser shareholders. ETP has entered into a support agreement with shareholders representing 10% of the outstanding Susser Holdings’ shares, pursuant to which such shareholders have agreed to vote their shares in favor of the merger and to elect to receive 100% ETP common units as their consideration, subject to the same pro ration as all other shareholders. Overall, synergy opportunities are expected to exceed $70M annually from fuel, merchandising and improved “buying power” reflecting economies of scale. Our overall retail business strategy is expected to take place in several steps. The first step is for ETP to acquire SUSS and on closing, to migrate the SUSP GP/IDRs directly to ETP. Post-closing, it is ETP’s intention to drop down to SUSP, in a synchronized series of drop downs, all of the combined retail businesses. In addition to the drop downs, ETP expects the SUSP IDR cash flow it receives to continue to grow as SUSP cash flows grow through organic growth, acquisitions and expected synergies. ETP then anticipates that it would propose to Energy Transfer Equity, L.P. (ETE) that ETP transfer to ETE the GP/IDRs of SUSP in exchange for ETP units currently held by ETE. Bob Owens, President and Chief Executive Officer of Sunoco, Inc. will serve as the President and CEO of the combined businesses.
News For ETP;SUSS;SUSP;ETE From The Last 14 Days
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November 24, 2014
08:34 EDTETPPhillips 66, Energy Transfer Partners announce open season for Nederland
Phillips 66 (PSX) and Energy Transfer Partners, L.P. (ETP) announced the launch of a binding open season to assess interest in committed service under local tariffs for crude oil pipeline transportation originating at Nederland, Texas, for deliveries to various crude oil terminals and refineries in the vicinity of Lake Charles and St. James, Louisiana. The binding open season will commence at 12 p.m. CST on Dec. 1, 2014. Bona fide potential shippers that would like to receive copies of the open season documents, the throughput and deficiency agreement, and proposed tariffs must first sign a confidentiality agreement.
November 18, 2014
11:04 EDTETPEnergy Transfer Partners to host special shareholder meeting
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08:46 EDTETE, ETPETE to transfer 30.8M ETP common units in $3.75B deal
Energy Transfer Partners (ETP) and Energy Transfer Equity (ETE) announced that the management teams of the two partnerships have reached an agreement with respect to a transaction valued at approximately $3.75B in which ETE would transfer 30.8M ETP common units, ETE’s 45% interest in the Bakken pipeline project, and a cash amount to be determined in exchange for newly issued Class H units of ETP that will generally entitle ETE to receive 40.0% of the cash distributions and other economic attributes of the general partner interest and incentive distribution rights of Sunoco Logistics Partners (SXL). In addition, ETE and ETP anticipate that they will negotiate a reduction in the incentive distribution right subsidies that ETE previously agreed to provide to ETP, and that such reductions would occur in 2015 and 2016. When combined with the 50.16M Class H units acquired by ETE in October 2013, upon consummation of the Transaction, ETE would own Class H units that will generally entitle ETE to receive approximately 90% of the cash distributions and other economic attributes of the general partner interest and incentive distribution rights of SXL. Upon redemption of the 30.8M ETP common units, ETP’s outstanding common units will be reduced to approximately 322M common units. ETP expects that the Transaction will be neutral to distributable cash flow per ETP common unit in 2015 and accretive to distributable cash flow per ETP common unit in 2016 and thereafter. ETE expects that the transaction will be slightly dilutive to distributable cash flow per ETE common unit in 2015 and accretive to distributable cash flow per ETE common unit in 2016 and thereafter. The transaction is expected to be credit neutral to both ETE and ETP. ETE and ETP anticipate that the transaction agreements will be negotiated and executed prior to the end of 2014 and that the transaction would close in Q1 of 2015.
November 17, 2014
08:05 EDTETPEnergy Transfer Partners, Regency Energy Partners to construct NGL pipeline
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