September 16, 2019 / 11:53 AM / a month ago

Energy Transfer to buy SemGroup for $1.35 bln

Sept 16 (Reuters) - Energy Transfer LP said on Monday it would buy oil and gas pipeline owner SemGroup Corp for $1.35 billion in cash and stock, to strengthen its crude oil transportation, terminalling and export operations.

The deal, which includes $6.80 in cash and 0.7275 shares of Energy Transfer for each outstanding share of SemGroup, represents a premium of 65.4% to SemGroup’s Friday close.

Including SemGroup’s debt, the enterprise value of the deal is $5 billion.

SemGroup shares surged 62.4% to $16.70 and Energy Transfer rose 2.2% to $14.33 in trading before the bell.

Reporting by Shradha Singh in Bengaluru; Editing by Shinjini Ganguli

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