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delek to acquire interest in lion oil

By CSD Staff | July 15, 2007

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Purchase of equity may lead to minimum ownership in the private company.

Delek US Holdings Inc. has entered into agreements with several shareholders of Lion Oil Co. to acquire a minority equity interest of 28.3% in Lion Oil. Total cash consideration paid to the selling shareholders will equal approximately $65.4 million in the aggregate. The terms of one of the transactions also call for Delek

to issue 1,916,667 shares of Delek US Holdings Inc. common stock to TransMontaigne Inc. The transactions are subject to obtaining a certain minimum equity ownership position in Lion Oil, as well as other customary closing conditions and government approvals. The transactions are anticipated to close during the third quarter of this year.

Lion Oil, a privately held company, owns and operates a 75,000 barrel-per-day, high-conversion crude oil refinery in El Dorado, Ariz., three crude oil pipelines and two refined petroleum products terminals in Memphis and Nashville, Tenn. The two terminals supply products to some of Delek’s 188 convenience stores in the Memphis and Nashville, Tenn. markets.

“We are pleased to announce Delek’s investment in Lion Oil,” said Uzi Yemin, president and CEO of Delek US. “The assets of Lion Oil fit well with our operations, and we expect this investment to immediately enhance the earnings of Delek.”

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  • Home
  • Today on CSD
  • Categories
    • CBD
    • Foodservice
    • Fuel & Gas
    • Health & Beauty
    • Independent Operators
    • Operations & Marketing
    • Technology
  • CStore Playbooks
    • Alcoholic Beverage Playbook
    • Candy Playbook
    • CBD Playbook
    • Foodservice Playbook
    • Technology Playbook
    • Tobacco Playbook
  • Products
    • 2022 Hot New Product Contest
    • Hot New Products Contest
    • Beverages & Cold Vault
    • Candy, Gum & Mints
    • Snacks
    • Tobacco
  • Resources
    • Digital Issues
    • Research & Downloads
    • Podcasts/How To Series
    • On Location
    • FAQ
    • 2022 Top 111 Chains
    • Leaders in Convenience
    • Rack Prices
    • Sponsored Content
    • Videos
    • Webinars / Digital Events
    • White Papers
  • Events
    • 2021 Chain of the Year
    • Convenience Directions
    • NAG Convenience Conference
    • Young Executive Organization
  • Join
    • National Advisory Group
    • Safe Shop Assured
    • Young Executive Organization