TECO Energy closes sale of interest in Heritage Propane Partners
TAMPA, January 20, 2004
TECO Energy (NYSE: TE) announced today it and three other utility companies have completed the sale of their general and limited partnership interests in Heritage Propane Partners, L.P., (NYSE: HPG) for $130 million. TECO Energy received $50 million from the transaction and will record a $17-million pre-tax book gain for the first quarter of 2004. The sale, part of a larger transaction that involved the merging of privately held Energy Transfer Company with Heritage Propane Partners, was announced in November 2003.
In February 2000, TECO Energy, Atmos Energy, AGL Resources and Piedmont Natural Gas formed a partnership to combine the propane assets of all four companies into a single regional company, U.S. Propane, L.P. In August 2000, U.S. Propane merged with Heritage Propane Partners. Through their ownership of U.S. Propane, TECO Energy and its partners acquired an indirect ownership of the general partner and a portion of the limited partnership interests of Heritage Propane Partners.
TECO Energy, Inc. is a diversified, energy-related holding company based in Tampa, Florida. Principal subsidiaries include Tampa Electric, Peoples Gas System, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions.