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SemGroup To Be Sold To Dallas Pipeline Company

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SemGroup
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Tulsa-based SemGroup Corporation is being acquired by Dallas pipeline company Energy Transfer. The deal is reported to be worth $5.1 billion.

Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, 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. own approximately 2.2% of ET’s outstanding common units.

SemGroup Chief Executive Officer, Carlin Conner, said, “This strategically and financially compelling combination will result in SemGroup joining one of the largest midstream energy companies in the country, with a strong footprint in all major U.S. production basins.” 

The transaction is expected to close by late 2019 or early 2020, subject to obtaining regulatory approvals.