US Enterprise Products seals merger deal with Duncan Energy
29 April 2011 14:47 [Source: ICIS news]
HOUSTON (ICIS)--?xml:namespace>US midstream energy firms Enterprise Products Partners and Duncan Energy Partners have executed a definitive merger agreement, Enterprise said on Friday.
Enterprise said the merger would help to simplify its commercial and organisational structure and lower its cost of financing.
Under the agreement, Duncan’s unit-holders would get a 35% premium, based on the closing price of Duncan’s common units on 22 February, the last trading day before the deal was announced, Enterprise said. It did not disclose the deal’s value in absolute dollar terms.
Enterprise had more than $31bn (€21bn) of consolidated total assets at 31 December 2010, compared with Duncan’s consolidated total assets of $5.6bn.
Enterprise expects to complete the merger in the third quarter of 2011.
Enterprise supplies midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, refined products and petrochemicals.
($1 = €0.67)By: Stefan Baumgarten+1 713 525 2653
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