Vinson & Elkins represents Energy Transfer Partners L.P. (ETP) of Houston in its pending acquisition of Energy Transfer Equity L.P. (ETE)’s interest in ETP Holdco Corp. for $3.75 billion.

ETE, of Dallas, turned to Latham & Watkins.

On March 21, ETP and ETE announced that ETP will pay $2.35 billion in newly issued ETP common units and $1.4 billion in cash to ETE for the interest in ETP Holdco. ETP Holdco owns equity interests in Southern Union Co. and Sunoco Inc., and with the pending deal ETP will own 100 percent of ETP Holdco. The deal is expected to close during the second quarter of 2013, subject to customary closing conditions.

Both ETP and ETE are master limited partnerships. ETE owns the general partner in ETP.

Thomas Mason, general counsel at ETP, leads the company’s deal team, with assistance from associate general counsel Jason Healy.

The V&E team representing ETP is led by corporate partners David Oelman and Matt Strock with assistance from associates Lande Spottswood and Brett Riesenfeld, all of Houston. Others are tax partner John Lynch and associate Ryan Carney, both of Houston, and antitrust partners Billy Vigdor and Cathy Lewis, both of Washington, D.C.

Houston corporate partners Bill Finnegan and Sean Wheeler lead the Latham team for ETE, with assistance from associates Debbie Yee and Cephas Sekhar. Also tax partner Tim Fenn of Houston and associate Eric Matuszak of Los Angeles are working on the deal.

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