Acquisitions and Related Transactions

3 Months Ended

Mar. 31, 2022

ACQUISITIONS AND DIVESTITURE TRANSACTIONS

Energy Transfer Canada Sale

In March 2022, the Partnership announced a definitive agreement to sell its 51% interest in Energy Transfer Canada. The sale is expected to result in cash proceeds to Energy Transfer of approximately C$340 million (US$272 million at the March 31, 2022 exchange rate), subject to certain purchase price adjustments. The transaction is expected to close by the third quarter of 2022.

Energy Transfer Canada’s assets and liabilities were reflected as held for sale in the Partnership’s consolidated balance sheet as of March 31, 2022. Energy Transfer Canada’s assets and operations are included in the all other segment. Energy Transfer Canada does not meet the criteria to be reflected as discontinued operations in the Partnership’s consolidated statement of operations. Based on the anticipated proceeds of the sale, during the three months ended March 31, 2022, the Partnership recorded a write-down on Energy Transfer Canada’s assets of $300 million, of which $164 million was allocated to noncontrolling interests and $136 million was reflected in net income attributable to partners.

The following table presents the assets and liabilities classified as held for sale in the Partnership’s consolidated balance sheet as of March 31, 2022:


	March 31, 2022
Carrying amounts of assets held for sale
Cash and cash equivalents	$	4
Accounts receivable, net	101
Other current assets	3
Property, plant and equipment, net	1,451
Other non-current assets, net	20
Intangible assets, net	101
Total assets held for sale	$	1,680

Carrying amounts of liabilities held for sale
Accounts payable	$	12
Accrued and other current liabilities	94
Long-term debt, including current maturities	441
Other non-current liabilities, net	193
Redeemable noncontrolling interests	291
Total liabilities held for sale	$	1,031

Spindletop Assets Purchase

In March 2022, the Partnership purchased the membership interests in Caliche Coastal Holdings, LLC (subsequently renamed Energy Transfer Spindletop LLC), which owns an underground storage facility near Mont Belvieu, Texas, for approximately $325 million.

Enable Acquisition

On December 2, 2021, the Partnership completed the acquisition of Enable. As of May 5, 2022, there has been no material change to the preliminary purchase price allocation disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.

Sunoco LP Acquisition

On April 1, 2022, Sunoco LP completed the acquisition of a transmix processing and terminal facility in Huntington, Indiana. As of March 31, 2022, the Partnership's consolidated balance sheet included a cash deposit of $264 million in other current assets related to this acquisition.