Sunoco LP Completes Acquisition of Susser Holdings

HOUSTON — Sunoco LP completed its acquisition of Susser Holdings Corp. from ETP Holdco Corp. and Heritage Holdings Inc., wholly owned subsidiaries of Energy Transfer Partners LP (ETP).

The transaction is valued at approximately $1.93 billion. Sunoco LP paid $966.9 million in cash and issued ETP's subsidiaries approximately 21.98 million Sunoco LP units, valued at approximately $966.9 million. In addition, there will be an exchange for 11 million Sunoco LP units owned by Susser Holdings for another 11 million new Sunoco LP units to a subsidiary of ETP.

Susser Holdings operates approximately 680 Stripes convenience stores in Texas, Oklahoma and New Mexico.

According to Sunoco LP, the “addition of significant size and scale will deliver new organic growth opportunities and enhance its ability to focus on a broad range of third-party acquisition opportunities.” The transaction is expected to be slightly accretive to Sunoco LP’s distributable cash flow in 2015 and significantly accretive thereafter.

Houston-based Sunoco LP is a master limited partnership that primarily distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors. Sunoco LP also operates more than 830 convenience stores and retail fuel sites.

As CSNews Online previously reported, ETP announced on July 15 it would drop down its Susser Holdings assets to Sunoco LP. ETP also announced it will drop down its Sunoco Inc. division to Sunoco LP in the future.