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
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV