$20 billion deal for Sunoco Logistics and Energy Transfer Partners

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Dallas billionaire Kelcy Warren is making a big change of his Energy Transfer Partners, the company in the middle of the controversial efforts to finish a $3.8 billion Dakota Access Pipeline in North Dakota.

Sunoco Logistics Partners L.P. announced it is buying ETP in a stock deal worth nearly $20 billion.

As part of the deal, Energy Transfer shareholders will get 1.5 million units of Sunoco stock for each Energy Transfer share they own. And based on Sunoco’s closing price last Friday, that meant the deal was worth $21.31 billion.

But it doesn’t mean Warren, who is the current chairman of Energy Transfer will be out of a job. Instead, he will be the CEO of the new company in a deal that should be closed in the first quarter. Sunoco’s current CEO, Michael J. Hennigan is expected to still have a management role in the newly-formed company.

A year ago, ETP announced it was buying Tulsa-based Williams Companies in a deal worth $31 billion. But the deal collapsed earlier this year after Warren indicated he would move the Williams Cos. headquarters to Dallas.