The firm is representing Morgan Stanley as financial advisor to the Audit, Conflicts and Governance Committee of the general partner of Duncan Energy Partners L.P. (NYSE: DEP) in connection with the proposed merger of DEP with a subsidiary of Enterprise Products Partners L.P. (NYSE: EPD) pursuant to a unit-for-unit exchange.

 

The exchange ratio represents a premium to the public shareholders of DEP of approximately 35% based on the closing price of DEP common units on February 22, 2011, the last trading day before EPD announced its initial proposal to acquire all of the common units of DEP owned by the public.  The implied value for the acquisition is $3.3 billion (including the assumption of DEP indebtedness).

Duncan Energy Partners L.P. is a publicly traded partnership that provides midstream energy services, including gathering, transportation, marketing and storage of natural gas, in addition to NGL fractionation (or separation), transportation and storage and petrochemical transportation and storage.  Duncan Energy Partners owns interests in assets located primarily in Texas and Louisiana.

The Simpson Thacher team includes: Rob Spatt and Andy Calder.