Suburban Propane Partners, L.P. (NYSE: SPH), has announced a definitive agreement with Inergy, L.P., Inergy GP, LLC and Inergy Sales & Service, Inc. to acquire the sole membership interest in and to Inergy Propane, LLC, now owned by Inergy, including certain wholly owned subsidiaries of Inergy Propane, LLC, and the assets of Inergy Sales. Suburban is acquiring Inergy Propane for total consideration of approximately US$1.8 billion in stock and cash, as detailed in the company press release below.
Latham & Watkins is advising Suburban, with a deal team led by Houston corporate partner Sean Wheeler, with Orange County associate Daniel Rees and Houston associate Debbie Yee. Advice was also provided on corporate matters by Houston partner Michael Dillard; on tax matters by Houston partner Tim Fenn and Los Angeles partner Ana O’Brien, with Los Angeles associate Eric Matuszak; on labor and employee benefits matters by Washington, D.C. partner David Della Rocca, with Washington, D.C. associate Adam Kestenbaum; and on antitrust matters by Washington, D.C. partner Michael Egge with Washington, D.C. associate Jason Cruise.
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