You are here
DALLAS and HOUSTON — Energy Transfer Partners LP (ETP) completed its dropdown of all remaining retail marketing and wholesale assets to Sunoco LP. This $2.226-billion transaction includes ETP’s remaining 68.42-percent interest in Sunoco LLC and 100-percent interest in Sunoco Retail LLC, which owns the legacy Sunoco convenience store business.
Although the final dropdown became official March 31, the deal has an effective date of Jan. 1.
This final dropdown completes a total of $5.7 billion of dropdowns from ETP to Sunoco LP since the fourth quarter of 2014. Sunoco LP now operates approximately 1,340 convenience stores and retail fuel sites and also distributes motor fuel to convenience stores.
Simultaneously with the closing of the acquisition, master limited partnership (MLP) Sunoco LP completed its previously announced sale of 2,263,518 of its units to ETP and received $64.5 million in proceeds, which were used to repay borrowings under Sunoco LP’s revolving credit facility.
Energy Transfer Partners LP is an MLP that owns and operates a large U.S. energy portfolio.