Thursday, April 26, 2012 9:54:16 AM
Thu Apr 26, 2012 8:39am EDT
April 26 (Reuters) - Suburban Propane Partners LP said it would buy Inergy LP's retail propane operations for about $1.8 billion in a deal that will double its customer base and make it one of the top propane retailers in the United States.
Suburban's biggest ever deal marks the second large acquisition in the propane retailing industry in less than a year. Last October, AmeriGas Partners LP acquired Energy Transfer Partners L.P.'s propane business for $2.8 billion.
While propane has long been used in barbecue grills, about 5 percent of total U.S. households now use propane for heating.
Suburban's deal for Inergy's propane business includes $1 billion newly issued Suburban senior notes, $200 million in cash and $600 million new Suburban common units.
Inergy Propane sells propane in 33 states from 338 customer service centers. The acquisition will add about 600,000 customers and 325 million retail propane gallons to Suburban's existing operations.
Suburban said the deal, expected to close in the second half of the year, will make it the third largest retailer of propane in the United States, measured by retail gallons sold in 2011.
Separately, Inergy said the deal would help it focus on its midstream growth strategy as it evolves into a pure play pipelines business.
Evercore Partners acted as a financial adviser to Suburban, while Greenhill & Co advised Inergy
http://www.reuters.com/article/2012/04/26/inergy-suburbanpropane-idUSL3E8FQ7Q020120426?feedType=RSS&feedName=rbssEnergyNews&rpc=43
Recent SPH News
- Suburban Propane Joins Forces with Warren County Habitat for Humanity as a Framer Sponsor, Volunteers For Habitat Build Day • PR Newswire (US) • 09/20/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/10/2024 08:33:56 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/06/2024 08:19:35 PM
- Suburban Propane Collaborates with Sharing House to Clean, Organize Donations & Contribute Funds to Emergency Heating Assistance Program • PR Newswire (US) • 09/06/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/26/2024 08:57:56 PM
- Suburban Propane Powers the Future of Hydrogen Innovation with Sponsorship of H2 Grand Prix • PR Newswire (US) • 08/14/2024 02:10:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 04:26:44 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 11:40:48 AM
- Suburban Propane Partners, L.P. Announces Third Quarter Results • PR Newswire (US) • 08/08/2024 11:30:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 11:43:51 AM
- Suburban Propane Partners, L.P. Declares Quarterly Distribution of $0.325 per Common Unit • PR Newswire (US) • 07/25/2024 11:30:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/24/2024 08:34:44 PM
- Suburban Propane Partners, L.P. to Hold Fiscal 2024 Third Quarter Results Conference Call • PR Newswire (US) • 07/24/2024 08:30:00 PM
- Suburban Renewable Energy Named Finalist in Reuters Global Energy Transition Awards 2024 • PR Newswire (US) • 06/25/2024 02:35:00 PM
- Suburban Propane Nominated in the '2024 Top Companies for Women to Work in Transportation' by the Women in Trucking Association • PR Newswire (US) • 06/24/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 08:46:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 08:45:03 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 06/14/2024 08:35:17 PM
- Suburban Propane Celebrates World Caring Day and World LPG Day with Community Initiatives and Clean-Up Efforts Across the U.S. • PR Newswire (US) • 06/07/2024 01:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/28/2024 10:32:04 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/24/2024 08:57:21 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 05/22/2024 02:37:08 PM
- Suburban Propane Partners, L.P. Announces Results from Tri-Annual Meeting of Unitholders • PR Newswire (US) • 05/22/2024 01:40:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/22/2024 01:23:13 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/22/2024 01:13:57 PM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM