Tesoro Corporation announced a $6.4 billion stock transaction early Thursday morning to acquire Western Refining Inc., a Texas based refining and marketing company.
A news release from Tesoro says the stock transaction creates a “highly integrated and geographically diversified refining, marketing, and logistics company.”
Chairman and CEO of Tesoro Greg Goff stated:
“The acquisition of Western further strengthens our integrated business model and extends our portfolio into attractive and growing markets. As a leading integrated refining, marketing and logistics company, this transformative acquisition drives value through a combination of access to advantaged crude oil, a strong, multi-brand marketing and convenience store portfolio and a robust platform for logistics growth, all of which will allow us to continue to create shareholder value.”
Tesoro Corporation and Western Refining, Inc. announced the agreement has already been unanimously approved by the boards of directors of both companies, describing the action as a transformative step forward.
Western Refining, Inc. is an independent refining and marketing company centered in El Paso, Texas. Western operates refineries in Texas, New Mexico, and Minnesota, as well as retail services stations and convenience stores in Arizona, Colorado, Minnesota, New Mexico, Texas and Wisconsin.
The transaction is expected to close in the first half of 2017.
