A photo shows the signboard of Sunoco gas station in Washington DC, United States on June 06, 2023.
Celel Gunes | Anadolu Agency | Getty Images
Motor fuels distributor Sunoco said on Monday it would acquire oil and gas transportation service NuStar Energy in an all-stock deal valued at about $7.3 billion, including assumed debt.
NuStar’s common shareholders will receive 0.400 Sunoco shares for each NuStar common unit, implying a 31.9% premium to last close.
The companies said the deal has been approved by both their boards and have flagged synergies of $150 million by the third year following closing of the deal, expected to close in the second quarter of 2024.
Shares of Sunoco were down 2.5% in premarket trading, while shares of NuStar were up 26%.
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