Energy Transfer to Move NYSE Listing to Texas Stock Exchange in October

Corporate Action

โดย Insider Monkey·

Summary · why it matters

Energy Transfer LP is set to move the primary listing of its common and Series I preferred units from the New York Stock Exchange to the Texas Stock Exchange in early October, making it the first major company to switch from the NYSE to the newly established Dallas exchange. Reuters said the companies moving to TXSE, including Energy Transfer and related energy businesses, represent nearly $100 billion in combined market value, giving the fledgling exchange an important early credibility boost. WSJ reported that Energy Transfer is worth roughly $75 billion and that Executive Chairman Kelcy Warren is a major backer of TXSE, owning about 30% of its parent company. TXSE is backed by major financial institutions including BlackRock, Citadel Securities, and Charles Schwab, but currently represents less than 1% of U.S. equity trading, according to WSJ. The listing change does not create earnings or improve Energy Transfer's pipelines, cash flow, leverage, or distributions, leaving investors to weigh whether the move delivers tangible value for unitholders or primarily helps establish the new exchange.

Energy Transfer LP ±