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Stock Market & Financial Investment News

News Breaks
April 28, 2014
07:10 EDTSUSP, SUSS, ETE, ETPEnergy 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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July 31, 2015
14:08 EDTETPSunoco sees Susser Holdings acquisition slightly accretive to cash flow in 2015
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July 30, 2015
17:07 EDTETPPhillips 66, Energy Transfer Partners, Sunoco Logistics form JV
Phillips 66 ( PSX), Energy Transfer Partners (ETP) and Sunoco Logistics Partners (SXL) announced that they have formed a joint venture to construct the Bayou Bridge pipeline that will deliver crude oil from the Phillips 66 and Sunoco Logistics terminals in Nederland, Texas, to Lake Charles, Louisiana. The joint venture will also launch an expansion open season for service to the market hub in St. James, Louisiana. Phillips 66 holds a 40% interest in the joint venture and Energy Transfer and Sunoco Logistics each hold a 30% interest. Sunoco Logistics will be the operator of the system. Construction is underway on the Nederland to Lake Charles segment of the pipeline, which will be 30-inch diameter and is expected to begin commercial operations in Q1 of 2016. The companies will also launch a binding expansion open season to assess additional shipper interest for service with connectivity to existing terminal infrastructure and refineries in and around the St. James area. The results of the expansion open season will be used to determine the size of the pipeline to St. James, which has a forecasted in-service date of the second half of 2017. The binding expansion open season will commence in Q3 of 2015. Bona fide potential shippers that would like to receive copies of the expansion open season documents, the throughput and deficiency agreement, and proposed tariffs must first sign a confidentiality agreement.
July 23, 2015
16:39 EDTETPEnergy Transfer Partners raises quarterly dividend by 2c to $1.04 per unit
Energy Transfer Partners announced a 2c increase in its quarterly distribution to $1.035 per ETP common unit, or $4.14 annualized, for the quarter ended June 30. The quarterly distribution of $1.04 represents a distribution increase of 32c per common unit on an annualized basis, or 8.4%, compared to Q2 of 2014 and represents an annualized distribution increase of 8c per common unit compared to Q1. This marks the eighth consecutive quarter that ETP has raised its distribution. The cash distribution will be paid on August 14, to unitholders of record as of the close of business on August 6.
16:33 EDTETE, ETPEnergy Transfer Equity raises quarterly dividend to 53c per unit
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