The acquisition will create "the premier group of integrated midstream companies in the United States natural gas industry," the companies said in a press release.
Southern Union shareholders will exchange their common shares for newly issued Series B Units of ETE with a value of $33 a share, or about $4.2 billion.
The price is a 17% premium over Southern Union's $28.26 closing price on Wednesday.Energy Transfer said the acquisition would complement its two master limited partnership units Energy Transfer Partners (ETP - Get Report) and Regency Energy Partners (RGNC). -- Written by Joseph Woelfel
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