Shearman & Sterling advised AmeriGas Partners, L.P. on its definitive agreement to acquire the propane operations of Energy Transfer Partners, L.P. for total consideration of approximately $2.9 billion, including $1.5 billion in cash, approximately $1.3 billion in AmeriGas common units, and the assumption of $71 million in debt.

AmeriGas Partners is the United States’ largest retail propane marketer, serving approximately 1.3 million customers in all 50 states from nearly 1,200 locations. Energy Transfer conducts its propane operations in 41 US states through subsidiaries including Heritage Operating, L.P. and Titan Energy Partners, LLC (collectively, “Heritage Propane”).

The Shearman & Sterling team includes partners Stephen Besen (New York-Mergers & Acquisitions), David Connolly (New York-Mergers & Acquisitions), Michael Shulman (Washington, DC-Tax), Jason Lehner (New York/Toronto-Capital Markets), and Doreen Lilienfeld (New York-Executive Compensation & Employee Benefits; counsel Jason Pratt (New York-Real Estate/Environmental); and associates Jessica Nielsen (New York-Mergers & Acquisitions), Benjamin Brod (New York-Mergers & Acquisitions), Kristopher Ferranti (New York-Mergers & Acquisitions), Natalee Vernon (New York-Mergers & Acquisitions), Diane Zhang (New York-Mergers & Acquisitions), Jeffrey Tate (Washington, DC-Tax), Kevin Roggow (New York-Capital Markets) and Tasha Matharu (New York-Executive Compensation & Employee Benefits).