Midstream merger and acquisition (M&A) activity in 2012 continues at a fairly robust pace, with total announced transaction value of approximately $19 billion across 23 transactions since January 1. Of the transactions announced to date, Energy Transfer Partners LP's announced $8.9-billion acquisition of Sunoco Inc., Williams Partners LP's $2.5-billion acquisition of Caiman Energy LLC's Caiman Eastern Midstream LLC and Suburban Propane Partners LP's announced $1.8-billion acquisition of Inergy LP's retail propane business are noteworthy because they track three trends discussed previously in this column: (1) Master limited partnerships (MLPs) using acquisitions to de-risk their greenfield development activity; (2) realignment within the propane sector; and (3) continued consolidation of the midstream space by the large, diversified MLPs.
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