Energy Transfer Family Shrinks to Grow; SXL to Merge with ETP, Creating MLP Behemoth
Before market open on Nov. 21, Sunoco Logistics and Energy Transfer Partners announced a merger agreement wherein SXL will acquire ETP in a unit-for-unit transaction. The conversion rate of 1.5 units of SXL for each ETP unit represents a 10% premium to ETP's weighted-average price for the past 30 trading days. Management expects the deal to be immediately accretive to SXL's distributable cash flow and distribution per unit. The pro forma entity is expected to target near-term distribution growth...
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