Energy Industry
Industry: Email Alert RSS FeedEnergy transfer, heritage deal adds natural gas operations.(Tulsa, Oklahoma)(U.S. Propane LLC acquisition by affiliates of Energy Transfer )
LP/Gas, December, 2003
A deal between Heritage Propane Partners and Energy Transfer Co. allows affiliates of Energy Transfer to buy U.S. Propane LP--Heritage's general partner--and U.S. Propane LLC. Meanwhile, Heritage will add Energy Transfer's natural gas midstream operations to its portfolio.
U.S. Propane LLC is owned by subsidiaries of AGL Resources, Atmos Energy Corp., TECO Energy Inc. and Piedmont Natural Gas Co. Inc.
The $980 million natural gas operations deal calls for Heritage to pay Energy Transfer $300 million in cash, repay outstanding debt and give a combination of Heritage stocks in exchange for substantially all of Energy Transfer's assets. To facilitate the deal, Heritage will acquire the stock of Heritage Holdings Inc., which owns about 4.4 million...
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