M&A · Energy · Pipe Lines (No Natural Gas)
Sunoco LP to acquire NuStar Energy L.P.
Announced Jan 22, 2024 · Closed May 3, 2024
Deal value$7.30BEV $7.30B
Premium33.1%To unaffected price
EV / Adj. EBITDA9.6x
ConsiderationAll stock
Transaction
- Acquirer
- Sunoco LP (SUN)
- Target
- NuStar Energy L.P.
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $7.30B
- Status
- Closed May 3, 2024
Deal protections
- Break fee (target pays)
- $90.3M · 1.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Truist Securities, BofA Securities
Advisors
- To the acquirer
- Truist Securities
- To the target
- Barclays
- Barclays fee
- $4.0M
Sector context · Energy
- Comparable deals
- 36 in the prior 24 months
- Premium
- 33.1% vs. 22.0% sector median
- EV / Adj. EBITDA
- 9.6x vs. 8.3x sector median
- Break fee
- 1.2% vs. 2.8% sector median
Timeline
- AnnouncedJan 22, 2024
- Proxy filedApr 3, 2024
- Definitive proxyApr 3, 2024
- Shareholder voteApr 23, 2024
- ClosedMay 3, 2024
Valuation · fairness opinions
Trading comparables$51.25$62.00
Precedent transactions$56.75$73.00
Discounted cash flow$53.25$65.50
Trading comparables$43.00$61.00
Analyst price targets$17.00$20.00
Implied value per NuStar Energy L.P. share by analysis, from Barclays.