Sunoco Logistics has announced a nearly USD $20 billion merger with Energy Transfer Partners (ETP). The deal is the latest in a string of multibillion dollar mergers in the midstream energy storage and pipeline sector.
Sunoco Logistics and ETP said the combined operation would increase their scale and diversification across the resource basins they serve. It will also more closely integrate Sunoco’s natural gas liquids business with ETP’s gas gathering, processing and transportation business.
The companies said the deal was approved by both its boards and conflicts committees. The transaction is expected to close in the first quarter of 2017, subject to ETP unit-holder approval and other customary closing conditions, according to the companies.