Western Refinery makes offer for Northern Tier acquisition
Western Refining Inc. has submitted an offer to acquire 100% of Northern Tier Energy for an estimated $2.52 billion, which would include complete control over retailer SuperAmerica.
If the merger was approved, Western Refining´s current retail network of 230 c-stores and gas stations across the U.S. would join forces with Northern Tier´s retail branch SuperAmerica LLC, which operates around 165 c-stores and supports 99 franchised locations.
“We believe this proposed transaction enhances value for both the Western shareholders and [Northern Tier] unit holders,” said Western Refining President and CEO Jeff Stevens.
“The combination of Western and Northern Tier will simplify our corporate structure and create a stronger, more diverse company with enhanced growth opportunities and greater access to capital.”
The proposed transaction is subject to the negotiation and agreement, as well as approval by Western Refining's board of directors, NTI's conflicts committee and the common unit holders of NTI.