Sunoco LP's Acquisition of NuStar Energy Approved

By Bobby Samwell • Tuesday, April 09 15:19 • Permanent Link

Sunoco LP (NYSE: SUN) and NuStar Energy L.P. (NYSE: NS) have announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) in connection with Sunoco's pending acquisition of NuStar. This marks a significant milestone in the acquisition process.

The Nustar unitholder vote is scheduled for May 1, 2024, at 9:00 am Central Time. The details of the Nustar special meeting, including the terms of the proposed acquisition, have been outlined in the Nustar definitive proxy statement, filed on April 3, 2024, with the Securities and Exchange Commission (SEC). The transaction is expected to close shortly after unitholder approval.

Following the closing of the transaction, Nustar unitholders are anticipated to receive Sunoco’s distributions for the first quarter of 2024. This is a significant development for both companies and their stakeholders.

Sunoco LP is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers, and distributors located in more than 40 U.S. states and territories. Additionally, Sunoco has refined product transportation and terminalling assets in the U.S. and Europe.

NuStar Energy L.P. is an independent liquids terminal and pipeline operator with approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia, and specialty liquids. The partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico.

These developments represent a significant step forward in the acquisition process and are likely to have a substantial impact on both Sunoco and NuStar as they move towards the completion of the transaction. As a result of these announcements, the company's shares have moved -1.4% on the market, and are now trading at a price of $56.8. For the full picture, make sure to review Sunoco LP's 8-K report.

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