ENTERPRISE PRODUCTS/TEPPCO
Enterprise Products Partners L.P. agreed to acquire Teppco Partners L.P. for $5.9 billion in equity and assumed debt on June 29, in a deal that would unite two energy pipeline companies, which are both controlled by Houston’s Dan Duncan. Enterprise Products first approached Teppco on March 9 and went public with a $2.8 billion cash and stock offer on April 29. Tepp-co acceded to a deal in which its shareholders will receive $3.3 billion in Enterprise Products partnership units. The buyer will also assume about $2.6 billion in debt. Both companies are master limited partnerships, a common structure in the energy industry.
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