![]() Its stock jumped 39 percent within minutes of the sale announcement to $79.60 per share. Under the terms of the agreement, Susser’s shareholders have the option to receive either $80.25 in cash or 1.45 Energy Transfer common units, or a combination of both, for each share they hold. ![]() The Susser company went public in 2006 and earned $5.8 billion in revenues in 2012. The acquisition is expected to close sometime in the third quarter, said Martin Salinas, chief financial officer for Energy Transfer. “We see it as a great starting point, not an end point for our. “This is an opportunity to grow,” Susser said. He called the transaction “the right next step for Susser Holdings” and said he would roll his remaining equity into Energy Transfer units. Susser’s grandfather, also named Sam, started the company in 1938, and it has been run by a member of the family since.įlanked by Energy Transfer and Sunoco executives, Susser thanked his company’s 10,000 employees, saying their work and “fierce desire to outperform the competition” created value for shareholders. If Susser moves, it would spell the end of a Corpus Christi business icon that started decades ago and evolved into a blue chip company. A transition team of representatives from Susser, Energy Transfer and Sunoco will work out those and other details in coming months, Bonner said. What remains unclear is if the sale will result in staff reductions or if Susser’s headquarters in Corpus Christi will relocate. food and also will continue to carry the Stripes name. “Chip” Bonner Jr., Susser’s executive vice president and general counsel, said Stripes customers would see very little change its service stations still will sell made-to-order Laredo Taco Co. Boards of directors at Energy Transfer and Susser each voted Sunday to approve the agreement.Į.V. ![]() The deal also includes Susser Petroleum Partners, based in Houston. That’s a bet we very much take and take daily,” said Jaime Welch, group chief financial officer and head of corporate development for Energy Transfer. The deal extends its reach into Texas and the Southeastern petroleum market, and also complements its $5.3 billion purchase in 2012 of fuel giant Sunoco Inc.’s 5,000 gas stations. “This represents a superb outcome for Susser shareholders.”Įnergy Transfer owns 35,000 miles of natural gas pipelines, but its footprint is primarily in the Mid-Atlantic states. Susser, whose grandfather started the company during the Great Depression, said in a morning phone conference. ![]() will represent a much larger, stronger and even faster-growing enterprise in the coming years,” Susser CEO Sam L. Those operations include 630 convenience stores in Texas, New Mexico and Oklahoma. Susser Holdings Corp., the owner of Stripes convenience stores and Corpus Christi’s sole Fortune 500 company, was sold Monday for $1.8 billion, company officials said.Įnergy Transfer Partners’ “definitive merger agreement” to purchase Susser entitles the Dallas-based company to own general partner interest and incentive distribution rights in Susser, as well as its retail operations. ![]()
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