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.
RELATED
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
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.
Recommended Reading
Fugro’s Remote Capabilities Usher In New Age of Efficiency, Safety
2024-11-19 - Fugro’s remote operations center allows operators to accomplish the same tasks they’ve done on vessels while being on land.
STRYDE Awarded Seismic Supply Contracts in Mexico
2024-09-03 - STRYDE was awarded two seismic node supply contracts in Mexico, the company’s first projects in the country.
APA, Palantir Expand Partnership to Deploy New AI Across E&P Operations
2024-09-25 - APA Corp. will introduce new AI capabilities to its oil and gas operations with Palantir Technologies’ Artificial Intelligence Platform (AIP) software.
EnerMech Secures Contract with Major North Sea Operator
2024-11-13 - EnerMech will monitor the condition of the U.K. assets in accordance with safety and operational standards.
Liberty Capitalizes on Frac Tech Expertise to Navigate Soft Market
2024-10-18 - Liberty Energy capitalized on its “competitive edge” when navigating a challenging demand environment in third-quarter 2024, CEO Chris Wright said in the company’s quarterly earnings call.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.