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Energy Transfer Partners to buy Sunoco in deal valued at about $5.3 billion
DALLAS (AP) ' Natural gas company Energy Transfer Partners says it will buy Sunoco in a cash-unit deal valued at $5.3 billion.
That would expand the footprint of the Dallas company in the Northeast, and it will also handle more crude and other heavy hydrocarbons.
The offer includes $25 in cash share and a portion of an Energy Transfer Partners unit totaling $50.13 per share for each Sunoco Inc. share. Sunoco shareholders can also opt for $50 in cash or slightly more than one ETP unit.
Energy Transfer Partners LP says the deal price represents a 29 percent premium to the 20-day average closing price of the Philadelphia company's shares as of Friday. The company's stock closed at $40.91, and the $50.13 per share price represents a 23 percent premium to that.