Sunoco Being Bought for $5.3 Billion

NEW YORK ( TheStreet) -- Energy Transfer Partners ( ETP) reached a deal to buy refiner Sunoco ( SUN) for $5.3 billion.

"This transaction, which will be immediately accretive, represents the next step in Energy Transfer Partners' transformation into a more diversified enterprise with an integrated and expanded footprint," said Chairman and CEO Kelcy Warren, in a statement Monday. "As we have said in the past year, our goal is to derive more of our distributable cash flow from the transportation of heavier hydrocarbons like crude oil, NGLs, and refined products. With this transaction, we make a major move in that direction."

Sunoco shares are being valued at $50.13 under the cash-and-stock deal. Sunoco closed Friday at $40.92.

-- Written by Joseph Woelfel

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