DALLAS — Energy Transfer Partners LP (ETP) is selling 100 percent of Susser Holdings Corp. to Sunoco LP, according to CSPnet.com.
The approximately $1.93 billion sale was “driven by the desire to accelerate Sunoco LP’s exposure to the fast-growing retail business with its exciting backlog of organic growth opportunities and strong EBITDA performance,” stated the article.
The article reported that Sunoco LP is majority-owned and managed by ETP, which also owns Stripes LLC and Sunoco Inc.
“ETP owns the general partner, 100 percent of the incentive distribution rights (IDRs), or share of cash flow, and approximately 44 percent of the limited-partner interests in Sunoco LP, as well as 100 percent of Sunoco Inc. and 100 percent of Susser Holdings Corp. (acquired in August 2014), making the sale a ‘dropdown,'” the article continued.
ETP said that the addition of substantial scale and size for Sunoco LP will deliver new organic growth opportunities as well as improve its ability to focus on a wide range of third-party acquisition opportunities, noted the article.
Subject to customary conditions, the companies forecast the transaction will close on Aug. 1, added the article.
You can find the article here.