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Andeavor Logistics to buy Western Refining Logistics in $1.8B deal

Published 08/14/2017, 08:10 AM
© Reuters.  Andeavor Logistics to buy Western Refining Logistics in $1.8B deal
  • Andeavor Logistics (ANDV, ANDX) agrees to acquire Western Refining Logistics (NYSE:WNRL) for an enterprise value of $1.8B, including debt.
  • WNRL unitholders will receive 0.5233 ANDX units for each WNRL unit owned, valuing WNRL at $25.28/unit, a 6.4% premium, based on Friday's closing price.
  • Upon closing, ANDX will issue 78M common units to parent ANDV in exchange for the cancellation of incentive distribution rights.
  • ANDV, formerly Tesoro , recently closed a deal to buy Western Refining Inc., which included a non-controlling stake in WNRL.
  • ANDX says its entry into the Permian Basin positions it to capture additional organic growth opportunities, such as the Conan crude oil pipeline system announced last Friday with a ~$225M capital investment.
  • Now read: Teekay LNG Partners: The LP Model Still Works For Investors


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