Brand New State Ok promo

Sunoco To Buy NuStar Energy For $7.3 Billion




Gasoline distributor Sunoco (SUN) has announced that it is buying oil and gas transportation company NuStar Energy (NS) in an all-stock deal worth $7.3 billion U.S.

NuStar’s stockholders will receive 0.400 Sunoco shares for each NuStar common share they currently hold, implying a 32% premium to the last closing price of NuStar stock.

The companies said the deal has been approved by both of their boards of directors.

Once completed, the acquisition is expected to achieve synergies of $150 million U.S. after three years.

The purchase of NuStar Energy is expected to close in this year’s second quarter, said the companies in a joint news release.

Prior to today (Jan. 22), the stock of Sunoco had gained 30% in the past year to trade at $59.46 U.S. per share.

The stock of NuStar Energy had risen 4% over the last 12 months to trade at $18.03 U.S. a share. However, the company’s share price is up 26% in premarket trading on news of the acquisition.



Source link

About The Author

Scroll to Top