ETE to buy Southern Union in $7.9 billion deal

By OGJ editors
HOUSTON, June 17
-- In a move to create one of the largest consolidated natural gas pipeline companies in the US, Dallas-based Energy Transfer Equity LP (ETE) entered into a merger agreement with Southern Union Co. to acquire the Houston-based gas transportation, storage, and gathering company for $7.9 billion. The deal includes $3.7 billion of existing Southern Union debt.

The deal, which has been unanimously approved by the boards of both companies, will provide ETE with direct ownership of assets that are complementary to assets already owned and operated by ETE’s two master limited partnership subsidiaries, Energy Transfer Partners LP and Regency Energy Partners LP.

The combined footprint of ETE (together with ETP and REP) along with Southern Union will include more than 44,000 miles of gas pipelines and 30.7 bcfd of gas transportation capacity.

After the transaction closes, Southern Union will become a wholly owned ETE subsidiary. The deal is expected to close in first-quarter 2012.

Related Articles

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Millennium Pipeline appoints president

03/20/2014 Millennium Pipeline Co. LLC has selected Joseph Shields as its president. He succeeds Rocco D’Alessandro, who held the position beginning in May 20...

ONGC Videsh names exploration director

03/19/2014 ONGC Videsh Ltd. (OVL), the overseas arm of Oil & Natural Gas Corp. Ltd., has named Anil Bhandari as exploration director. In his role, Bhandar...

Vermilion to buy southeast Saskatchewan assets

03/18/2014 Vermilion Energy Inc., Calgary, has signed an agreement with a private southeast Saskatchewan producer to acquire light oil producing assets in the...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected