Midstream energy services provider Enterprise Products Partners L.P. (EPD) Monday said that its merger with TEPPCO Partners, L.P. (TPP), an energy logistics partnership, has been completed. The merger agreement was previously approved by TEPPCO unitholders at a special meeting held October 23, 2009 in Houston, with about 71% of TEPPCO's total outstanding units voting in favor of the merger.
The merger is expected to open up new avenues of growth for Enterprise by diversifying its asset portfolio, strengthening its presence in key geographic regions, and offering new service options. With the merger, Enterprise can now offer access to larger transportation and storage networks for refined products and crude oil.
Following the completion of the merger, TEPPCO has become a wholly-owned subsidiary of Enterprise. Enterprise said that the two partnerships have been operating under a combined administrative services agreement since 2005 and that will facilitate a smooth transition for customers and investors.
With an enterprise value of about $30 billion, 48,000 miles of pipelines and market capitalization of $18 billion, the combined entity has become the nation's largest publicly traded partnership, Enterprise noted.
It was on June 29, 2009, Enterprise announced its plan to acquire TEPPCO in an All-stock Deal. As per the terms, TEPPCO unitholders, except for a certain affiliate of EPCO, Inc., would receive 1.24 Enterprise common units for every TEPPCO unit, representing a 9.3% premium to the closing price of TEPPCO units on June 26.
Enterprise also said that as previously announced it is offering to exchange TEPPCO senior and subordinated notes validly tendered for exchange, and not validly withdrawn, prior to their expiration date for Enterprise notes. The company revealed that about $1.95 billion or 97.28% of the $2 billion aggregate principal amount of TEPPCO notes had been tendered for exchange as of 9 a.m. New York City time Monday. The exchange is scheduled to be completed at the close of business on October 27.
EPD is currently trading at $29.47, down 0.40 or 1.37%, on a volume of 571K shares and TPP is currently trading at $36.48, down 0.69 or 1.86%, on a volume of 162K shares on the NYSE.
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