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Valero wraps $950M deal to absorb affiliated pipeline, storage terminal company

Jessica Corso
Valero wraps $950M deal to absorb affiliated pipeline, storage terminal company

San Antonio-based Valero Energy Corp. has completed its merger with a subsidiary that owns and operates pipelines and storage terminals, the company announced Thursday morning. Parent company Valero (NYSE: VLO) announced in Octoberits plans to buy logistics arm Valero Energy Partners LP at $42.25 per share. The master limited partnership, or MLP, owns and operates pipelines and storage terminals in Texas, Oklahoma, Louisiana and Tennessee that support Valero refineries.   The closing of the merger comes after a strong third quarter for the parent company and its MLP, which reported $141 million in revenue.