Energy Transfer Partners to Acquire Sunoco in US$5.3 Billion Transaction

Latham & Watkins advises ETP in the transaction.

April 30, 2012

Energy Transfer Partners, L.P. (NYSE: ETP) and Sunoco, Inc. (NYSE: SUN) have announced that they have entered into a definitive merger agreement whereby ETP will acquire Sunoco in a unit and cash transaction valued at US$50.13 per share, or a total consideration of approximately US$5.3 billion, based on ETP’s closing price on April 27, 2012. As detailed in the company news release, this combination will create one of the largest and most diversified energy partnerships in the country by expanding ETP’s geographic footprint and strengthening its presence in the transportation, terminalling and logistics of crude oil, NGLs and refined products.

Latham & Watkins advised ETP in the transaction with a corporate deal team led by Houston partners Bill Finnegan, Sean Wheeler and Chicago partner Timothy FitzSimons. Assistance was also provided by Houston partner Timothy Fenn and Los Angeles partner Laurence Stein on tax matters; Washington, D.C. partners Kenneth Simon and Natasha Gianvecchio on regulatory matters; Houston partner Joel Mack on environmental matters; Washington, D.C. partner Michael Egge on antitrust matters; Houston partners Craig Kornreich and Catherine Ozdogan, New York partner Robert Zuccaro and Washington, D.C. partner Patrick Shannon on financing; and Washington, D.C partner David Della Rocca on employee benefits.

For additional information, please contact Bill Finnegan at +1.713.546.7410 or Sean Wheeler at +1.713.546.7418.

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