Energy Transfer Partners, L.P. Unitholders Approve Merger with Sunoco Logistics Partners L.P.
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Based on the results, 88% of the units voted at the special meeting
voted in favor of adoption of the Merger Agreement. The votes in favor
of the Merger Agreement constituted more than a majority of ETP’s units
outstanding as of the record date for the special meeting, and, as a
result, the Merger Agreement was approved and adopted by the ETP
unitholders. The merger is expected to close on April 28, 2017. The
combined company will be named
ETE management has advised ETP that ETE confirms its intention to continue to support the growth of the combined company in a manner consistent with ETE’s prior support transactions, thereby continuing the alignment of the interests of ETE and the combined company. This support from ETE may include additional incentive distribution subsidies or other actions that have the effect of reducing the cost of capital for the equity of the combined company. This support may also include the purchase of equity of the combined company by ETE to help fund growth capital projects of the combined company.
Cautionary Statement Regarding Forward-Looking Statements
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. SXL 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 ability to obtain requisite regulatory and unitholder
approval and the satisfaction of the other conditions to the
consummation of the proposed transaction, the ability of SXL to
successfully integrate ETP’s operations and employees and realize
anticipated synergies and cost savings, the potential impact of the
announcement or consummation of the proposed transaction on
relationships, including with employees, suppliers, customers,
competitors and credit rating agencies, 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 SXL and ETP with the
Additional Information and Where to Find It
SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND
THE REGISTRATION STATEMENT REGARDING THE TRANSACTION CAREFULLY. These
documents, and any other documents filed by SXL or ETP with the
Sunoco Logistics Partners L.P. 3807 West Chester Pike Newtown Square, PA 19073 Attention: Investor Relations Phone: (866) 248-4344 |
Energy Transfer Partners, L.P. 8111 Westchester Drive, Suite 600 Dallas, TX 75225 Attention: Investor Relations Phone: 214-981-0795 |
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Participants in the Solicitation
SXL, ETP and their respective directors and executive officers may be
deemed to be participants in the solicitation of proxies in connection
with the proposed merger. Information regarding the directors and
executive officers of SXL is contained in SXL’s Form 10-K for the year
ended December 31, 2016, which was filed with the
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Source:
Energy Transfer
Investor Relations:
Helen Ryoo,
Lyndsay Hannah, Brent Ratliff, 214-981-0795
or
Media
Relations:
Vicki Granado, 214-981-0761
or
Sunoco
Logistics
Investor Relations:
Peter Gvazdauskas,
215-977-6322
or
Media Relations:
Jeff Shields,
215-977-6056