Energy Transfer Equity to Acquire Energy Transfer Partners in Simplification Transaction
Vinson & Elkins advised Energy Transfer Partners (ETP) in the agreement with Energy Transfer Equity (ETE) for the merger of ETP with a wholly-owned subsidiary of ETE in a unit-for-unit exchange. In connection with the transaction, ETE’s incentive distribution rights (IDRs) in ETP will be cancelled.
The transaction, which was approved by the boards of directors and conflicts committees of both partnerships, is expected to close in the fourth quarter of 2018, subject to the approval by a majority of the unaffiliated unitholders of ETP and other customary closing conditions. ETE currently owns the general partner of ETP.
The V&E corporate team was led by partners Lande Spottswood and Steve Gill and senior associate Brittany Sakowitz, with assistance from associates Yong Eoh, Burke Wendt and David Lassetter. Partners Gary Huffman and Ryan Carney provided tax advice, with assistance from associate Christine Mainguy.
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