Sunoco, a master limited partnership that supplies motor fuel across more than 40 U.S. states and territories, and NuStar Energy, an independent liquids terminal and pipeline operator, have entered into a definitive agreement whereby Sunoco will acquire NuStar in an all-equity transaction valued at $7.3 billion, including assumed debt.
Sunoco has secured a $1.6 billion bridge term loan to refinance NuStar's series A, B and C preferred units, subordinated notes, revolving credit facility and receivables financing agreement.
The transaction was unanimously approved by the board of directors of both companies and is expected to close in the second quarter of 2024 upon the satisfaction of closing conditions.
Sunoco distributes motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors, as well as refined product transportation and terminalling assets. NuStar currently has 9,500 miles of pipeline and 63 terminal