Heritage Propane Partners LP said it has received consents and approvals required to complete its previously announced purchase of Dallas-based midstream operator Energy Transfer Co. (see Daily GPI, Nov. 10). The transactions are still subject to other conditions, including Heritage obtaining financing. “The lenders under our existing credit agreements have agreed to amendments that allow Heritage to proceed with its combination with Energy Transfer,” said Heritage CEO H. Michael Krimbill. “In addition, we had previously filed premerger notification under the Hart-Scott-Rodino Antitrust Improvements Act and have received notice that the Federal Trade Commission has granted early termination of the waiting period.” The series of transactions is expected to close within the next 60 days. Heritage is the fourth largest propane retailer in the United States, serving more than 650,000 customers from nearly 300 customer service locations in 29 states. Energy Transfer operates 4,500 miles of gas gathering and transportation pipelines with an aggregate throughput capacity of 2.5 Bcf/d and natural gas treating and processing assets in Texas, Oklahoma and Louisiana.

©Copyright 2003 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.