Southern Union Shareholders Approve Merger With Energy Transfer

January 2012, Vol. 239 No. 1

Houston-based Southern Union Co. shareholders overwhelmingly approved the proposed merger with Dallas-based Energy Transfer Equity, L.P.

Under the merger agreement, Southern Union’s shareholders can elect to exchange each outstanding Southern Union common share for $44.25 of cash or 1.00x ETE common unit, with no more than 60% of the aggregate merger consideration payable in cash and no more than 50% payable in ETE common units. The merger is expected to close during the first quarter.