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.
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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.
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