Sunoco to acquire NuStar Energy in $7.3 billion deal
Published on: Jan 23, 2024
The deal was announced two weeks after the retailer sold 200 convenience stores in the US to 7-Eleven.
Sunoco LP is set to acquire NuStar Energy L.P. in an all-equity transaction valued at approximately $7.3 billion, including assumed debt.
The deal comes two weeks after Sunoco sold over 200 Stripes convenience stores and Laredo Taco Company restaurants in the United States to 7-Eleven.
NuStar Energy is an independent liquids terminal and pipeline operator with approximately 9,500 miles of pipeline and 63 terminal and storage facilities. The partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico.
The transaction has been unanimously approved by the board of directors of both companies and is expected to close in the second quarter of 2024. The move is expected to solidify both companies’ stability and financial situation.
Sunoco LP is a master limited partnership with core operations that include the distribution of motor fuel. The company’s portfolio of clients include approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 40 U.S. states and territories.
