Energy Transfer Partners To Acquire Susser Holdings In $1.8 Bln Deal

(RTTNews) - Energy Transfer Partners, L.P. (ETP) or ETP said it has entered into a definitive merger agreement to acquire Susser Holdings Corp. (SUSS) in a unit and cash transaction valued at a total consideration of about $1.8 billion.

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 will have the option to elect to receive $80.25 in cash or 1.4506 ETP common units, or a combination of both, for each share held.

The transaction is immediately accretive to distributable cash flow for ETP and is expected to be credit ratings neutral. The deal is expected to close in the third quarter of 2014.