Combined partnership’s common units to trade under ticker symbol “ET”
DALLAS--(BUSINESS WIRE)--Oct. 18, 2018--
Energy Transfer Equity, L.P. (NYSE: ETE) (“ETE”) and Energy Transfer
Partners, L.P. (NYSE: ETP) (“ETP”) announced today that at a special
meeting of ETP common unitholders held earlier today, ETP’s common
unitholders voted to approve and adopt the Agreement and Plan of Merger
dated as of August 1, 2018 (the “Merger Agreement”), pursuant to which
ETP will merge with ETE (“the merger”).
Approximately 98.2% of the total ETP common units that were voted at the
special meeting voted in favor of the merger. With a quorum voting, the
Merger Agreement and merger were approved and adopted by the common
The merger is expected to close on October 19, 2018. Following the
closing, ETE will change its name to “Energy Transfer LP” and its common
units are expected to begin trading on the New York Stock Exchange under
the “ET” ticker symbol on Friday, October 19, 2018. In addition, ETP
will change its name to “Energy Transfer Operating, L.P.” ETP’s Series C
preferred units and Series D preferred units will continue to be listed
on the NYSE under the symbols “ETPprC” and “ETPprD”, respectively.
About the Partnerships
Energy Transfer Partners, L.P. (NYSE: ETP) is a master limited
partnership that owns and operates one of the largest and most
diversified portfolios of energy assets in the United States.
Strategically positioned in all of the major U.S. production basins,
ETP’s operations include complementary natural gas midstream, intrastate
and interstate transportation and storage assets; crude oil, natural gas
liquids (NGL) and refined product transportation and terminalling
assets; NGL fractionation; and various acquisition and marketing assets.
ETP’s general partner is owned by Energy Transfer Equity, L.P. (NYSE:
ETE). For more information, visit the ETP website at www.energytransfer.com.
Energy Transfer Equity, L.P. (NYSE:ETE) is a master limited partnership
that owns the general partner and 100% of the incentive distribution
rights (IDRs) of Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco
LP (NYSE: SUN). ETE also owns Lake Charles LNG Company and the general
partner of USA Compression Partners, LP (NYSE: USAC). On a consolidated
basis, ETE’s family of companies owns and operates a diverse portfolio
of natural gas, natural gas liquids, crude oil and refined products
assets, as well as retail and wholesale motor fuel operations and LNG
terminalling. For more information, visit the ETE website at www.energytransfer.com.
This press release includes “forward-looking” statements.
Forward-looking statements are identified as any statement that does not
relate strictly to historical or current facts. Statements using words
such as “anticipate,” “believe,” “intend,” “project,” “plan,” “expect,”
“continue,” “estimate,” “goal,” “forecast,” “may” or similar expressions
help identify forward-looking statements. ETE and ETP cannot give any
assurance that expectations and projections about future events will
prove to be correct. Forward-looking statements are subject to a variety
of risks, uncertainties and assumptions. These risks and uncertainties
include the risks that the proposed transaction may not be consummated
or the benefits contemplated therefrom may not be realized. Additional
risks include: the satisfaction of the other conditions to the
consummation of the merger, the potential impact of the consummation of
the proposed transaction on relationships, including with employees,
suppliers, customers, competitors and credit rating agencies, and the
ability to achieve revenue, DCF and EBITDA growth, and volatility in the
price of oil, natural gas, and natural gas liquids. Actual results and
outcomes may differ materially from those expressed in such
forward-looking statements. These and other risks and uncertainties are
discussed in more detail in filings made by ETE and ETP with the
Securities and Exchange Commission (the “SEC”), which are available to
the public. ETE and ETP undertake no obligation to update publicly or to
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
No Offer or Solicitation
This communication is for informational purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy any
securities or a solicitation of any vote or approval, in any
jurisdiction, pursuant to the proposed merger or otherwise, nor shall
there be any sale, issuance, exchange or transfer of securities referred
to in this document in any jurisdiction in contravention of applicable
law. No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities Act
of 1933, as amended.
The information contained in this press release is available on our
website at energytransfer.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181018005774/en/
Source: Energy Transfer Equity, L.P.
Energy Transfer Equity, L.P.
Lyndsay Hannah, Brent Ratliff, 214-981-0795