Enterprise to buy Teppco, forms largest publicly traded energy partnership
By APMonday, June 29, 2009
Enterprise, Teppco merge, form energy partnership
NEW YORK — Enterprise Products Partners says it will merge with Teppco to form the largest publicly traded energy partnership with an enterprise value of more than $26 billion.
Enterprise, which transports natural gas and oil through its pipeline network, said Monday that Teppco unitholders will receive 1.24 Enterprise common units for each Teppco unit, a 14.5 percent premium to the initial offer made by Enterprise March 9.
Teppco, a petroleum and natural-gas distributor, and its general partner Texas Eastern Products Pipeline Co. LLC, will become wholly-owned subsidiaries of Enterprise. The new partnership will retain the name Enterprise Products Partners, LP.
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