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UPDATE 1-Energy Transfer to sell stake in Sunoco LLC to Sunoco LP

Published 2015-11-16, 07:52 a/m
© Reuters. UPDATE 1-Energy Transfer to sell stake in Sunoco LLC to Sunoco LP

(Adds details)
Nov 16 (Reuters) - Pipeline operator Energy Transfer
Partners LP ETP.N said it would sell its 68.42 percent stake
in Sunoco LLC, which distributes motor fuel, to convenience
store operator Sunoco LP SUN.N for about $2.23 billion.
The transaction, the latest among such asset sales between
the two, will complete Sunoco LP's transformation into a
wholesale fuel and retail marketing company, the companies said
in a statement on Monday.
Sunoco LP will pay Energy Transfer Partners about $2.2
billion in cash and the rest by issuing about 5.7 million common
units.
Both Sunoco LP and Energy Transfer Partners are
master-limited partnerships formed by pipeline operator Energy
Transfer Equity LP ETE.N .
Energy Transfer Partners will remain the largest unitholder
of Sunoco LP with a stake of about 46 percent in the company,
the companies said.
Sunoco LP said it plans to raise cash for the deal through a
bank loan and by selling shares in a private placement for $31
per share.
Sunoco LP said it expects it will not need to raise any
additional equity financing next year after the deal closes in
February.
Energy Transfer Partners sold Susser Holdings to Sunoco LP
for about $1.94 billion in cash and stock in July, months after
transferring some convenience store assets to Sunoco in
September last year in a deal valued at about $768 million.

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