The transaction is expected to close on December 5, 2019
Image: SemGroup shareholders has approved merger transaction with Energy Transfer. Photo: courtesy of Adam Radosavljevic/Pixabay.
SemGroup Corporation (NYSE: SEMG) announced its shareholders voted to approve the previously announced merger agreement whereby SemGroup will be acquired by Energy Transfer LP (NYSE: ET) (“ET” or “Energy Transfer”) in a unit and cash transaction.
At completion of the merger, SemGroup shareholders will receive $6.80 per share in cash and 0.7275 of an ET common unit for each SemGroup share, or approximately 40% cash and 60% equity.
The merger was announced on September 16, 2019 and the final voting results will be disclosed in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
The transaction is expected to close December 5, 2019.
Advisors
Jefferies LLC acted as exclusive financial advisor to SemGroup and Kirkland & Ellis LLP acted as legal counsel. BofA Merrill Lynch acted as exclusive financial advisor to Energy Transfer and Latham & Watkins LLP acted as legal counsel.
Source: Company Press Release