UPDATE 1-Energy Transfer Partners sells convenience stores to Sunoco
July 15 (Reuters) - Pipeline company Energy Transfer Partners said it would sell convenience store operator Susser Holdings to its unit Sunoco LP for about $1.94 billion in cash and stock.
Formerly known as Susser Petroleum Partners LP, Sunoco supplies motor fuel to convenience stores and fuel dealers.
The master limited partnership already operates convenience stores and retail fuel stations and plans to be a standalone retail business.
Energy Transfer Partners transferred some convenience store assets to Sunoco in September in a deal valued at about $768 million.
According to Wednesday's deal, Sunoco will pay about $970 million in cash and issue about 22 million of its units valued at about $970 million as of Tuesday's close.
Susser Holdings operates convenience stores in Texas, New Mexico and Oklahoma under the Stripes brand.
The transaction is expected to close on August 1. Tudor, Pickering, Holt & Co was the financial adviser to ETP, while Akin Gump Strauss Hauer & Feld LLP and Richard Layton & Finger PA its legal advisers.
Sunoco's financial adviser was Perella Weinberg Partners, while Andrews Kurth LLP and Potter Anderson & Corroon its legal advisers.
Energy Transfer Partners' shares were up 2.5 percent at $54.82 in premarket trading on Wednesday. Sunoco shares closed at $43.53 on the New York stock Exchange on Tuesday. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Don Sebastian)
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