NuStar Energy soars after Sunoco announces acquisition

NuStar Energy LP

22/01/2024 14:02

** Shares of NuStar Energy  NS.N  surge 26% to $22.76
premarket; the oil and gas transportation firm is to be acquired
by Sunoco  SUN.N  
    ** SUN to acquire NS in an all-stock deal valued at about
$7.3 billion, including assumed debt
    ** NS shares set to hit highest in nearly four years if
gains hold; SUN's shares down 5.5% before the bell 
    ** NuStar's common shareholders will receive 0.4 shares of
Sunoco for each NuStar share, implying a 31.9% premium over last
close
    ** The transaction is expected to close in the second
quarter of 2024 
    ** NS has fallen 3.5% so far in January after 16.8% gains in
2023; SUN surged 39% last year

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com))