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Energy Transfer Partners to Buy Sunoco in $5.3 Bln Transaction

Energy Transfer Partners to Buy Sunoco $5.3 Bln
Sunoco, an owner of oil refineries since 1895, said last year it would sell and shut its last two plants because they were losing money. Photographer: Mike Mergen/Bloomberg

Energy Transfer Partners LP agreed to buy Sunoco Inc. for about $5.3 billion in units and cash, expanding ETP’s geographic reach and strengthening its presence in the transportation, storage and logistics of oil and gas.

The offer of $25 a share in cash and 0.56245 unit is valued at $50.13 per share, based on ETP’s closing price April 27.

ETP in March completed its $5.4 billion purchase of pipeline operator Southern Union Co.

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