US oil and gas infrastructure operators Sunoco and NuStar Energy are merging for $7.3 billion
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Today, January 22, the American company Sunoco, specializing in fuel trading, announced on the purchase of NuStar Energy, an operator of pipelines and oil storage facilities. The transaction amount will be $7.3 billion.
The transaction will be completed through an exchange of shares – NuStar shareholders will receive 0.4 shares of Sunoco for their share. This would represent a premium of 32% over last Friday’s NuStar share price. The deal is expected to be completed in the second quarter. The purchase of NuStar will allow Sunoco to diversify its activities – more than 15 thousand km of pipelines and 63 oil storage facilities will be added to its network of gas stations.
There have been a lot of major mergers and acquisitions in the American oil and gas market recently. So, in October ExxonMobil acquired another American company – Pioneer for $59.5 billion, in the same month Chevron bought shale oil producer Hess for $53 billion, and in December Occidental Petroleum bought CrownRock for $12 billion
After the announcement of the deal, Sunoco shares fell 5% in over-the-counter trading, while NuStar rose 23%.
Read about how the mergers and acquisitions market fell to a ten-year low in the Kommersant article. “Corporate mergers are back in 2013”.
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