SemGroup shareholders approve merger with Energy Transfer

Tulsa-based SemGroup Corporation announced Wednesday its shareholders voted to approve the previously announced merger agreement whereby SemGroup will be acquired by Energy Transfer LP in a unit and cash transaction.

At completion of the merger, SemGroup shareholders will receive $6.80 per share in cash and 0.7275 of an ET common unit for each SemGroup share, or approximately 40% cash and 60% equity.

The merger was announced on September 16, 2019 and the final voting results will be disclosed in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.

The transaction is expected to close December 5, 2019.

Jefferies LLC acted as exclusive financial advisor to SemGroup and Kirkland & Ellis LLP acted as legal counsel. BofA Merrill Lynch acted as exclusive financial advisor to Energy Transfer and Latham & Watkins LLP acted as legal counsel.

SemGroup is headquartered in Tulsa with additional offices in Calgary, Alberta; Denver, Colorado; and Houston, Texas.