Before going into second quarter results, I would like to give you a quick update on where we stand with our pending acquisition of Sunoco and a subsequent announcement of the ETP HoldCo transaction.
We recently filed an amended S-4 proxy statement for the Sunoco transaction and expect to receive clearance soon. Once we receive clearance, the next steps will be to set the Sunoco shareholder record and meeting dates.
Assuming a favorable vote at the shareholder meeting, we expect that we will be able to close the Sunoco acquisition sometime in early to mid October, and we couldn't be more excited to get our hands on the these assets and deliver on the unitholder value that we believe these assets will bring to bear.
Also, as announced in June, contemporaneous with the Sunoco acquisition, ETP will contribute Southern Union to ETP HoldCo in exchange for a 60% equity interest in HoldCo, ETP will contribute its ownership of Sunoco to ETP HoldCo for a 40% equity interest, though Sunoco's equity interests in Sunoco Logistics will be transferred to ETP prior to the transaction and will not be owned by HoldCo.Through this transaction, we resolved the timing of ETE's drop down of the Southern Union assets without the need for external equity or debt financing of these assets, and we substantially increased ETP scale of operations and ability to serve more customers in the rapidly expanding midstream marketplace. The new HoldCo will be governed by a five person board of directors with three from ETP and two ETE, and HoldCo will be consolidated by ETP in financial statements. Sunoco and Southern Union will continue to operate as separate entity under HoldCo and that some board of directors will remain in place. Now turning to projects update, and I would like to briefly comment on our portfolio of midstream and liquids-rich growth projects which will support both, in our distributable cash flow while continuing to diversify our business mix.