Energy Transfer Partners and Sunoco on Friday announced the
successful completion of the previously-announced $5.3 billion
merger, greatly expanding the reach of Energy Transfer's
Sunoco now becomes a subsidiary of Energy Transfer. The
official news release, including specific financial terms, can
be read here.
Sunoco has been trying to sell itself since late 2011 after
posting losses for much of the past two years because of high
oil prices and decreasing fuel demand.
Finding a buyer for the company and its aging refineries was
considered a long-shot despite Sunoco's profitable logistics
and retail businesses.
Energy Transfer gains 7,900 miles of crude oil and refined
fuel pipelines from Sunoco Logistics Partners master limited
partnership and give it a toe-hold in the Marcellus and Utica
shale regions, increasingly productive sources of oil and natural
Energy Transfer also acquires Sunoco's relatively successful
chain of 4,900 gasoline stations that it could sell at a later
The deal was first announced on April 30.
Additional reporting by Dow Jones
For upstream news, visit our sister publication World