Energy Transfer Partners (ETP +0.2%) says it completed its deal to acquire Susser Holdings (NYSE:SUSS), which will ultimately bring the Stripes and Sunoco convenience stores under the same umbrella.
ETP gains ownership of more than 640 convenience stores in Texas, New Mexico and Oklahoma; geographically, the deal compliments ETP's earlier acquisition of Sunoco, which has a major presence in the eastern and southeastern U.S.
Under terms of the deal - unanimously approved by both boards - Susser (SUSS) owners can received either $80.25 in cash for 1.4506 ETP units for each share of Susser they own. Susser closed at $57.03 on Friday.
Susser currently operates 630 retail convenience stores (Stripes) across Texas, New Mexico, and Oklahoma.
Energy Transfer already has agreement from Susser shareholders representing 10% of the company to exchange their SUSS shares for ETP shares.
Overall synergies between Stripes and Sunoco are expected to exceed $70M annually, and be realized within 6-12 months post-closing.