Energy Transfer Equity (ETE) is acquiring Texas-based Southern Union. The Texas-based natural gas transporter will pay a total of about $7.9 billion for the acquisition, which includes around $3.7 billion of existing Southern Union debt.
As a part of the deal, stockholders of Southern Union will exchange their common shares for newly issued Series B units of ETE for $33 per share. On the transaction, which is expected to close in first quarter of 2012, Credit Suisse Securities is the financial advisor to the buyer, while Evercore Partners acted as financial advisor to Southern Union.
Click here for the release from Energy Transfer.