May 2015 Deals & Suits
Energy Transfer Partners Regency Energy Energy Transfer Partners (ETP) of Dallas is using Latham & Watkins for its pending acquisition of Dallas-based…
April 17, 2015 at 11:22 AM
10 minute read
Energy Transfer Partners
Regency Energy
Energy Transfer Partners (ETP) of Dallas is using Latham & Watkins for its pending acquisition of Dallas-based Regency Energy Partners in a transaction valued at about $18 billion, including assumed debt and other liabilities of $6.8 billion.
Baker Botts represents Regency, an oil and gas gathering and processing master limited partnership. Richards, Layton & Finger is advising ETP's conflicts committee, and Akin Gump Strauss Hauer & Feld represents Regency's conflicts committee.
On Jan. 26, ETP and Regency announced a definitive merger agreement that has been approved by the boards of directors and conflicts committee of both companies. The merger will be a unit-for-unit transaction, with Regency unit-holders to receive 40.66 percent of an ETP common unit and 32 cents in cash for each common unit of Regency they own. Also, Energy Transfer Equity L.P., which owns the general partner and 100 percent of the incentive distribution rights of both Regency and ETP, has agreed to reduce the incentive distributions it receives from ETP by $320 million over five years, the companies said.
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