Energy Transfer to acquire Stripes gas station chain, other assets for $1.8 billion
Kelcy Warren’s energy empire just got a little bigger.
Energy Transfer Partners has agreed to buy Susser Holdings Corp., which owns the Stripes gas station chain and a fuel distribution network, for $1.8 billion, the company announced Monday.
The deal adds to the network of 5,000 gas stations Energy Transfer acquired when it bought Philadelphia-based Sunoco in 2012. Corpus Christi-based Susser owns more than 600 retail stations, with a large footprint in Texas.
“The combination of Susser and our Sunoco retail business creates a platform to build a best in class and unique business that is well diversified by both geography and product lines,” Sunoco CEO Bob Owens said in a statement.
Owens will head the combined companies, reporting directly to Warren, CEO of Energy Transfer Partners.
The deal is expected to close in the third quarter. Susser subsidiary Susser Petroleum Partners will continue to be traded as an individual company on the New York Stock Exchange and maintain its headquarters in Houston, Energy Transfer said.
Energy Transfer Partners stock was trading at $55.41 shortly after 10 a.m. on Wall Street Monday, down almost 1 percent since the opening bell.
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