No. Look at their presentation on their website. You will get $1.50 per share until the deal closes, then NRGY's distribution steps down to $1.14-15. You will then start getting the SPH distribution on your SPH shares.
Fourth quarter 2012 was mentioned in the press release as projected closing.
Very little regulatory sign off is needed.
All debt holders who are swapped to Suburban for NRGY must agree to terms, but are given a cash incentive to make the swap.
It should go smoothly..