Tesoro to buy Western Refining for $4.1 billionStaff Writer | November 18, 2016
Tesoro will buy Western Refining for $4.1 billion to add refineries in Texas, New Mexico and Minnesota.
Acquisition California, Washington, Alaska, Utah and North Dakota
"The acquisition of Western further strengthens our integrated business model and extends our portfolio into attractive and growing markets," said Tesoro CEO Greg Goff, who will lead the combined company.
Western Refining shareholders will get 0.4350 Tesoro shares for each share they own, or $37.30 in cash. The offer is a 22.3 percent premium to Western Refining's Wednesday's close.
The total deal is valued at about $6.4 billion, including about $1.7 billion of Western Refining's debt and $605 million for a non-controlling interest in Western Refining Logistics. ■