Energy Transfer Partners (ETP) has announced that its acquisition of Sunoco will help to expand its presence in the transportation, storage and logistics of crude oil, natural gas and refined petrochemical products.
The transaction, which will see the Dallas-based energy company pay $5.3 billion (€4.03 billion) to purchase the Philadelphia-based operator of pipelines and storage facilities, is expected to close in the third quarter of this year and will create one of the largest and most diversified energy partnerships in the US.
The partnership will also allow ETP to expand its presence in the northeastern regions of the US. ETP is reportedly set to offer Sunoco-shareholders $25 (€19.01) plus 0.52 of an ETP share for each of their shares in Sunoco, with the total value of the deal equalling $50.13 (€38.13) per share.
Once closed, the deal will see Sunoco and Sunoco Logistics Partners operate under the ETP umbrella of companies.