Western Refining, Northern Tier to merge

Western Refining Inc., El Paso, and Northern Tier Energy LP have entered an agreement to merge Northern Tier into Western.

Northern Tier owns a 97,800-b/sd, high-conversion refinery at St. Paul Park, Minn., operates 165 convenience stores under the SuperAmerica brand, and supports 89 franchised convenience stores under the same brand.

Western operates two refineries with combined capacity of 151,000 b/d, one in El Paso and the other in Gallup, NM.

Under a revised deal, Northern Tier unit holders are to receive $15 cash and 0.2986 of a Western share in exchange for each Northern Tier common unit (OGJ Online, Oct. 26, 2015). They have the option to select all-cash or all-stock consideration, subject to proration.

According to news reports, the transaction is worth about $2.4 billion.

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