Sunoco Logistics Partners L.P. (SXL) and Energy Transfer Partners, L.P. (ETP) has announced the completion of their previously announced merger of an indirect subsidiary of SXL, with and into ETP, with ETP surviving the merger as a wholly owned subsidiary of SXL.
At the effective time of the merger, each ETP common unit converted into the right to receive 1.5 SXL common units. Based on the ETP units outstanding, SXL issued approximately 845 million SXL common units to ETP unitholders.
The outstanding ETP Class E units, Class G units, Class I units and Class K units at the effective time of the merger were converted into an equal number of newly created classes of SXL units, with the same rights, preferences, privileges, duties and obligations, as such classes of ETP units had immediately prior to the closing of the merger. Additionally, the outstanding SXL common units and SXL Class B units owned by ETP at the effective time of the merger were cancelled.
As part of the completion of the merger, Sunoco Logistics Partners L.P. changed its name to Energy Transfer Partners, L.P., and its common units are expected to begin trading on the New York Stock Exchange (NYSE) under the “ETP” ticker symbol on Monday, May 1, 2017. Effective with the opening of the market today, ETP ceased to be a publicly traded partnership, and its common units discontinued trading on the NYSE.
Sunoco Logistics Partners L.P. is a master limited partnership that owns and operates a logistics business consisting of a geographically diverse portfolio of complementary pipeline, terminalling, acquisition and marketing assets, which are used to facilitate the purchase and sale of crude oil, natural gas liquids and refined products.
Energy Transfer Partners, L.P. is a master limited partnership that owns and operates one of the largest and most diversified portfolios of energy assets in the United States.