Energy Transfer Equity, L.P. And Southern Union Announce Successful Completion Of Merger (Transcript)

Southern Union Company (SUG)

Energy Transfer Equity, L.P. and Southern Union Announce Successful Completion of Merger Call

March 26, 2012 03:00 pm ET

Executives

Martin Salinas - CFO, Energy Transfer Equity

Kelcy Warren - Chairman & CEO, Energy Transfer Equity

Analysts

James Jampel - HITE

Ross Payne - Wells Fargo

Harry Mateer - Barclays Capital

Presentation

Operator

Good day ladies and gentlemen and welcome to the Energy Transfer Partners investor conference call SUG merger completed. My name is Tasha and I will be your operator for today. At this time all participants are in a listen only mode. (Operator Instructions). As a reminder this conference is being recorded for replay purposes. I will now turn the conference over to your host for today, Mr. Martin Salinas, Energy Transfer CFO. Please proceed.

Martin Salinas

Thanks Tasha and good afternoon everyone. Well after many months about talking about this, we are proud to say that Energy Transfer Equity today has successfully completed its merger with Southern Union Company. The merger creates a $40 billion plus group of integrated midstream companies in the United States natural gas industry with accretion to ETE unit holders, not only in the near term, but also over the long term. After my prepared remarks we will go into Q&A and I have Kelcy, Mackie, and John McReynolds here with me to answer your questions.

During the call I will make forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934 based on our beliefs as well as certain assumptions and information available to us. Now let's talk a little bit about the transaction details. The transaction is valued at roughly $9.4 billion, consisted of $5.8 billion in cash and equity consideration and roughly $3.6 billion of assumed debt.

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