NEW YORK (TheStreet) -- Energy Transfer Partners (ETP - Get Report) has agreed to acquire Susser Holdings Corporation (SUSS), whereby ETP will own general partner (GP) interest and incentive distribution rights (IDRs) in its unit Susser Petroleum (SUSP).
After the transaction, ETP will hold around 11 million Susser Petroleum common units, or around 50.2% of currently outstanding shares.
The cash and stock transaction for Susser Holdings will total around $1.8 billion.
By late afternoon, shares had skyrocketed 20.9% to $44.57. Trading volume of 1 million shares was more than 21 times its three-month daily average.Must Read: Warren Buffett's 10 Favorite Growth Stocks SELL NOW: If you own any of the 900 stocks that TheStreet Quant Ratings has identified as a 'Sell'...you could potentially lose EVERYTHING in the next 6-12 months. Learn more. SUSP data by YCharts STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.