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Sunoco to buy NuStar Energy in $7.3bn deal
(Sharecast News) - US gas station owner Sunoco said on Monday that it has agreed to buy independent liquids terminal and pipeline operator NuStar Energy in a $7.3bn all-share deal. Under the terms of the agreement, NuStar shareholders will receive 0.400 Sunoco common units for each of their NuStar shares.
Sunoco said the deal diversifies the business, adds scale, and captures the benefits of vertical integration "by combining two stable businesses".
It expects at least $150m of run-rate synergies by the third year after the close and around $50m a year of additional cash flow from refinancing the high-cost floating rate capital.
NuStar shares surged on the news and by 1340 GMT, were trading up 22% in pre-market trade at $21.97.
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