Energy Transfer Partners LP said it would sell its remaining Sunoco-related retail and wholesale holdings in a $2.23 billion drop-down deal to Sunoco LP, another company in the Energy Transfer family.

The move completes a total of $5.7 billion of so-called drop-down transactions. The mostly cash deal will be effective Jan. 1 and is expected to close in February, accelerated timing from previous plans, the companies said. Sunoco doesn't expect to need to raise any additional equity financing in 2016 following the deal.

Energy Transfer Partners will remain the largest holder of Sunoco, with an about 46% interest.

Private investors are putting up $685.5 million to buy Sunoco shares at about $31 each—they closed Friday at $33.13--while Energy Transfer Equity LP is buying $64.5 million worth. With the dropdowns completed, Sunoco "will be able to focus on a broad range of opportunities to grow via third-party acquisitions and capital projects," the company said in a statement.

Shares of Sunoco and Energy Transfer Partners were inactive premarket.

In July, Energy Transfer Partners announced it would sell its convenience-stores business to Sunoco, in a drop-down deal valued at $1.94 billion.

Write to Anne Steele at Anne.Steele@wsj.com

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(END) Dow Jones Newswires

November 16, 2015 09:05 ET (14:05 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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