VLP Valero Energy Partners LP Common Units Representing Limited Partner Interests

   By Stephen Nakrosis 
 

Valero Energy Corporation (VLO) and Valero Energy Partners LP (VLP) said Thursday the companies had agreed to a merger deal that will see Valero Energy Corp. acquire the Partners in a transaction with an aggregate value of approximately $950 million.

Under the terms of the deal Valero will acquire, for cash, all of the outstanding publicly held common units of the Partnership at a price of $42.25 per common unit. This represents an approximate 12.4% premium to the 30 trading-day volume weighted average price of the Partnership's common units as of October 17, the companies said.

An indirect wholly owned subsidiary of Valero Corp. that is the record holder of the common units of the Valero Energy Partners that are beneficially owned by Valero has agreed to deliver a written consent approving the transaction prior to the closing. The companies said this written consent constitutes the requisite vote of the Partnership's common units to approve the transaction.

The companies said the transaction will close "as soon as possible following the satisfaction of certain customary closing conditions."

Shares of Valero Energy Corp, which closed Thursday trading at $103.39, down 0.34%, were up slightly in the after-hours session, gaining 0.28% to $103.68. Valero Energy Partners shares were up 6.45% after hours, to $42.42. They closed Thursday trading at $39.85, gaining 1.14%.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

October 18, 2018 17:04 ET (21:04 GMT)

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