NEW YORK (TheStreet) -- Energy Transfer Partners (ETP) 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.
SUSP data by YCharts