The judge’s ruling marks the latest twist in what was nicknamed the energy industry’s “deal from hell.”
“Having called a dirge for the merger,” Energy Transfer “must pay the piper,” Glasscock said in his 95-page ruling in the more-than-five-year dispute over the deal. Following a trial, Energy Transfer convinced Glasscock in 2016 that it had grounds to pull out of the merger after advisers said the deal didn’t free investors from $1 billion in tax liabilities. The ruling prompted both companies to demand breakup fees, arguing it was the other side that maneuvered to sink the deal.