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Energy Transfer Partners (NYSE: ETE) to Buy Sunoco (NYSE: SUN) for $5.3B
Posted on April 30, 2012 at 10:37 AM EDT
Northern, WI 4/30/12 ( StreetBeat ) -- Sunoco ( NYSE: SUN ) inked a $5.3 billion takeover on Monday from pipeline operator Energy Transfer Partners ( NYSE: ETE ) that values the independent refiner at a 22.5% premium. Under the terms of the transaction, Energy Transfer Partners will pay $50.13 in cash and stock to acquire Philadelphia-based Sunoco. ETP said it anticipates the acquisition closing in the third or fourth quarter and adding to its bottom line immediately. The deal "represents the next step in Energy Transfer Partners’ transformation into a more diversified enterprise with an integrated and expanded footprint,” ETP CEO Kelcy Warren said in a statement. After the deal closes, ETP said Sunoco’s logistics and retail businesses will remain headquartered in the Philadelphia area. Sunoco Logistics Partners ( NYSE: SXL ) will continue to be listed on NYSE Euronext’s ( NYSE: NYX ) Big Board as a separate publicly traded company, but ETP will acquire Sunoco’s general partner interest, limited partner interest and incentive distribution rights in the logistics company. Despite the transaction, Sunoco said it will continue its plan to exit the refining business, perhaps through a proposed joint venture being negotiated with private-equity giant the Carlyle Group. “This transaction will enable Sunoco’s businesses to realize their full potential by becoming an important part of a diversified leader in the energy industry,” said Sunoco CEO Brian MacDonald. “ETP recognizes that the steady, ratable cash flows that our logistics and retail businesses generate are backed by great assets, deep expertise, and the potential for future growth.” Shares of Sunoco leaped 20.51% to $49.31 Monday morning, while ETP was up 1.19% to $48.49. Sunoco Logistics Partners saw its shares fall 0.81% to $40.66. Please contact www.thestreetbeat.com for interest in our latest investor relations platform the “CEO Interview Series” with its host Steve Kanaval. The package includes a one-on-one interview with a seasoned industry professional; published segment to our web site with embedded audio/video file; and a compressed file that can be easily e-mailed out to your current and/or potential investors. Please e-mail firstname.lastname@example.org or call (662) 392-0740 for pricing and scheduling. StreetBeat Disclaimer Distributed by Viestly
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