Susser Emerges from Merger as Private ETP Subsidiary

Energy Transfer Partners, Susser Holdings deal done

Published in CSP Daily News

DALLAS & CORPUS CHRISTI, Texas -- Energy Transfer Partners LP and Susser Holdings Corp. have announced the successful completion of the merger of an indirect wholly owned subsidiary of ETP with and into Susser, with Susser emerging from the merger as a subsidiary of ETP.

As announced on April 28, 2014, Susser--owner of the Stripes and Sac-N-Pac convenience store network in Texas--entered into a $1.8-billion merger agreement with ETP, the owner of the Sunoco Inc. gas station network in the eastern United States.

Effective with the opening of the market on Aug. 29, Susser ceased to be a publicly traded company and its common stock discontinued trading on the New York Stock Exchange (NYSE).

Susser Holdings, Corpus Christi, Texas, operates more than 640 convenience stores in Texas, New Mexico and Oklahoma, with 595 under the Stripes banner and 47 under the Sac-N-Pac banner. Restaurant service is available in more than 410 of its stores, primarily under the proprietary Laredo Taco Co. brand. Susser Holdings also is majority owner and owns the general partner of Susser Petroleum Partners LP, which distributes approximately 1.7 billion gallons of motor fuel annually to Stripes stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.

Dallas-based Energy Transfer Partners is a master limited partnership (MLP) owning and operating one of the largest and most diversified portfolios of energy assets in the United States. It owns Panhandle Eastern Pipe Line Co. LP and Sunoco. ETP also owns the general partner, 100% of the incentive distribution rights, and approximately 67.1 million common units in Sunoco Logistics Partners LP, which operates a geographically diverse portfolio of crude oil and refined products pipelines, terminaling and crude oil acquisition and marketing assets.

Part of CSP's 2014 Convenience Top 101 retailers
Keywords: 
M&A