Western Refining has made a bid to acquire Northern Tier Energy’s outstanding publicly-held units in deal worth $1.6billion.
The proposed purchase price for each NTI common unit is comprised of $17.50 in cash and 0.2266 of a share of Western common stock.
Assuming completion of the proposed transaction, NTI will become a wholly-owned subsidiary of Western.
Western chief executive Jeff Stevens, said: “The combination of Western and Northern Tier will simplify our corporate structure and create a stronger, more diverse company with enhanced growth opportunities and greater access to capital.”
The proposed transaction is subject to approval by varios parties. Western owns 100% of the general partner of NTI and owns approximately 38% of the outstanding common units of NTI.
Western Refining is an independent refining and marketing company headquartered in El Paso, Texas.
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