Flint Hills Resources acquiring PetroLogistics by year end

Flint Hills Resources to acquire PetroLogistics

7:09 AM, 30th May 2014
Flint Hills Resources acquiring PetroLogistics

HOUSTON/WICHITA, US: Flint Hills Resources LLC, a subsidiary of Koch Industries, has entered into a definitive agreement to acquire PetroLogistics LP, general partner of PetroLogistics GP LLC. Flint Hills Resources will acquire all of PetroLogistics’ outstanding common units for $14.00 per common unit in cash, except for those common units owned by Lindsay Goldberg LLC, York Capital Management, which will be acquired for $12.00 per common unit in cash. The all-cash transaction is valued at approximately $2.1 billion, including the assumption of debt.

The closing of the transaction is expected to occur before year end and is subject to customary closing conditions and regulatory approvals. Additionally, the consummation of the transaction is subject to a requirement that PetroLogistics’ facility perform at a certain level of production for a period of four days before the closing, and to PetroLogistics’ receipt of a legal opinion regarding certain tax matters.

 

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