Following its close, NuStar common unitholders will receive 0.4% of a Sunoco common unit for each NuStar unit held, as well as Sunoco’s distributions for first-quarter 2024. (Source: Shutterstock)
NuStar Energy LP unitholders approved the liquids terminal and pipeline operator’s merger with Energy Transfer’s Sunoco LP on May 1 in a special meeting, according to a press release.
NuStar Energy will merge with and into a merger subsidiary of Sunoco.
Approximately 69% of NuStar’s outstanding common unitholders voted in favor of the transaction. The final result of the special meeting will be disclosed in a filing with the U.S. Securities and Exchange Commission.
In early April, the pending merger cleared a U.S. Federal Trade Commission regulatory waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, paving the way for the rest of the transaction’s completion.
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The transaction is expected to close on or about May 3, subject to customary closing conditions. Following its close, NuStar common unitholders will receive 0.4% of a Sunoco common unit for each NuStar unit held, as well as Sunoco’s distributions for first-quarter 2024.
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