Teppco, Enterprise Products merger approved, set to close Monday

By Lisa Kerner

Charlotte, N.C., Oct. 23 - Teppco Partners, LP unitholders approved the company's merger with Enterprise Products Partners LP, it was announced on Friday.

The transaction is expected to be completed on Monday.

Approximately 97% of the Teppco units that voted were voted in favor of the deal and represented about 71% of Teppco's total outstanding units, a company news release said.

Teppco said approximately 96% of the votes cast by unaffiliated unitholders were in favor of the merger.

As previously reported, Enterprise and Teppco agreed in June to combine to form the largest publicly traded energy partnership in a deal valued at $3.3 billion.

Under the companies' agreement, Teppco unitholders will receive 1.24 Enterprise common units for each Teppco unit.

The combined company will retain the name Enterprise Products Partners and will own almost 48,000 miles of natural gas and oil pipelines.

Enterprise and Teppco are operated by general partners owned by Enterprise GP Holdings LP, which is owned by Dan Duncan. He will be the chairman of the combined company.

Teppco is a Houston-based pipeline operator.

Houston-based Enterprise provides processing, transportation and storage services to the natural gas, natural gas liquids and crude oil industries.

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