April 08, 2019
UGI Corporation (NYSE: UGI) and AmeriGas Partners, L.P. (NYSE: APU; “AmeriGas”) have announced that they have entered into a merger agreement under which UGI will fully consolidate its ownership of AmeriGas, the nation’s largest retail propane marketer, by acquiring the 69.2 million publicly held common units UGI does not already own. Under the terms of the agreement, AmeriGas unitholders will receive 0.50 shares of UGI common stock plus US$7.63 in cash consideration for each common unit of AmeriGas, representing a premium of 21.9% to AmeriGas’ 30-day volume weighted average price and a 13.5% premium to the April 1, 2019 closing price of US$31.13.
Latham & Watkins LLP represents UGI Corporation in the transaction with a Houston-based corporate team led by partners Ryan Maierson and John Greer with associates Kevin Richardson, Dan Harrist, Blake Berkey, Erin Lee, and Hillarie James. Advice was also provide by Houston partners Tim Fenn and Bryant Lee with associate Jared Grimley on tax matters; by Washington, D.C. partner Adam Kestenbaum on benefits and compensation matters; by Houston partner Joel Mack with Washington, D.C. associate Joshua Marnitz on environmental matters; and by Washington, D.C. partner Jason Cruise with counsel Peter Todaro on antitrust matters.