There's also been talk about ETP selling Sunoco's 4,900 gas stations, but management said recently it didn't think they would fetch a multiple that "would come even close" to being accretive for its unitholders. But a spinoff still remains a possibility, according to analysts.
ETE owns ETP's general partner and 50.2 million of its limited partner units. Latham & Watkins LLP's Bill Finnegan, Sean Wheeler, Debbie Yee, Sekhar Cephas, Tim Fenn and Eric Matuszak counseled ETE. Vinson & Elkins LLP represented ETP, including David Oelman, Matt Strock, Lande Spottswood, Brett Riesenfeld, John Lynch, Ryan Carney, Billy Vigdor and Cathy Lewis.
Credit Suisse Group's Jamie Welch, Sean Tobin, Lew Steinberg and Ryan Pickard and Potter Anderson & Corroon LLP's Mark Morton, Christina Houston, Pamela Millard and David DiDonato advised ETE's conflicts committee, and Evercore Partners Inc.'s Ray Strong, Eric Bauer and Will Fitzgerald and Morris, Nichols, Arsht & Tunnell LLP's Lou Hering and Andrew Johnston assisted ETP's conflicts committee.
Written by Claire Poole in Houston