Wednesday, October 26, 2011

Amerigas buying Energy Transfer's propane operations

Energy Transfer Partners LP (NYSE: ETP) has agreed to sell its propane operations for $2.8 billion to AmeriGas Partners LP (NYSE: APU), a deal that would free Energy Transfer to focus on its natural gas pipeline business.

Unit holders of Energy Transfer, which had been one of the largest propane marketers in the U.S., will receive about $1.5 billion in cash and about $1.3 billion in AmeriGas common units.

The deal, expected to close late this year or early next year, also includes the assumption of $71 million in debt.

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