Sunoco to buy NuStar Energy in $7.3 billion all-stock deal (updated)

NuStar Energy LP

22/01/2024 13:09

(Adds details from paragraph 2 onward)
       Jan 22 (Reuters) - Motor fuels distributor Sunoco
 SUN.N  said on Monday it would acquire oil and gas
transportation service NuStar Energy  NS.N  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%.

 (Reporting by Seher Dareen in Bengaluru; Editing by Shailesh
Kuber)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128, if within U.S. call +1 646 223 8780;))