© 2015 The Texas Lawbook.
By Natalie Posgate
(Oct. 16) – Dallas-based Energy Transfer Partners said Monday that it will drop down the remaining 68.42 percent interest in Sunoco, LLC and interests in the legacy Sunoco retail business to its affiliate, Sunoco LP, for $2.23 billion.
Houston lawyers from Andrews Kurth and Akin Gump Strauss Hauer & Feld played lead roles in the transaction.
Houston oil and gas partner Chris LaFollette led the Akin Gump team, which advised ETP in the deal. Also on the team were oil and gas partner John Goodgame, tax partners Alison Chen and Thomas Weir and oil and gas associates Heather Ashour and Erik Shoemaker.
Andrews Kurth represented Sunoco in the transaction. Leading the deal team was corporate partner Jon Daly, who received assistance from partners Allison Mantor, Angela Richards and associates Jennie Miller, Phil Haines, Patrick Dies, Carolyn Exnicios and Matt Grunert. Austin partner Lisa Shelton and Washington, D.C. partner Bill Cooper were also involved.
Two Delaware law firms advised ETP and Sunoco’s conflicts committees.
The transaction brings the total dropdown value between the two entities to $5.7 billion in just over a year, a joint statement said. The deal will be effective as of Jan. 1, 2016 and is expected to close in February 2016.
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