Akin Gump Advises Energy Transfer Partners in Pair of Deals, Including $1.94 Billion Convenience Store Sale

(Houston) – Akin Gump advised Energy Transfer Partners, L.P. (ETP) in the dropdown with Sunoco LP of 100 percent of Susser Holdings Corp. for approximately $1.94 billion. In addition, there will be an exchange of 11 million Sunoco units owned by Susser for another 11 million new Sunoco units to a subsidiary of ETP.

The deal, which is expected to close August 1, will, according to ETP, immediately add to its distributable cash flow. The companies say it will also boost Sunoco’s distributable cash flow next year.

Akin Gump also advised Energy Transfer Partners on the exchange of 21 million ETP common units, currently owned by Energy Transfer Equity, L.P. (ETE), for 100 percent of the general partner interest and the incentive distribution rights (IDRs) of Sunoco LP. As part of this transaction, ETE has agreed to provide ETP a $35 million annual IDR subsidy for two years. The transaction represents a current value of approximately $1.2 billion.

The Akin Gump team representing ETP in both of these matters included oil and gas partners Chris LaFollette, also the partner in charge of the firm’s Houston office, and John Goodgame; tax partner Thomas Weir; and oil and gas associate Heather Ashour.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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