Enterprise Products Partners L.P. (EPD) agreed to reacquire former subsidiary Duncan Energy Partners L.P. (DEP) in an all-unit deal valued at about $2.5 billion.

In 2006, Enterprise Products Partners' parent company, Enterprise Products Operating LP, spun off Duncan as a separate entity holding interest in some of Enterprise's mid-stream assets.

Enterprise now owns Duncan's general partner and about 58% of its common units. In February, it offered to acquire the remainder of the Duncan units. Friday's deal represents a roughly 35% premium to Duncan's closing price on Feb. 22, the last day before Enterprise launched its takeover offer.

The merger is expected to close in the third quarter.

Duncan and Enterprise earlier this month boosted their quarterly cash distributions by 2.2% and 5.3%, respectively.

Duncan units closed at $40.74 Thursday and were inactive premarket. The units have gained 52% over the past 12 months. Enterprise, also inactive premarket, closed at $43.39 and has gained 22% over the past year.

-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com

 
 
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