Merger with NuStar Energy L.P.

Energy
Merger with NuStar Energy L.P.

Summary

Baird served as financial advisor to the Conflicts Committee of the Board of Directors of NuStar GP Holdings, LLC on this transaction

About

NuStar GP Holdings, LLC (“NuStar Holdings”) (NYSE: NSH) and NuStar Energy L.P. (the “Partnership”) (NYSE: NS) recently announced the merger of NuStar Holdings with a wholly owned subsidiary of the Partnership in a unit-for-unit exchange and the cancellation of the 2% economic general partner interest in the Partnership, the incentive distribution rights in the Partnership and approximately 10.2 million Partnership common units currently owned by NuStar Holdings and its subsidiaries. Under the terms of the agreement, NuStar Holdings unitholders would receive 0.55 of a Partnership common unit in exchange for each NuStar Holdings unit they own at closing. This equates to 23.6 million Partnership common units valued at $738.2 million based on closing unit prices on February 7, 2018.

NuStar GP Holdings, LLC owns the general partner interest, an approximate 11 percent common limited partner interest and the incentive distribution rights in the Partnership. NuStar Holdings is headquartered in San Antonio, Texas.

NuStar Energy L.P. is one of the largest independent liquids terminal and pipeline operators in the United States. The Partnership currently has more than 9,200 miles of pipeline and 81 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. The Partnership is based in San Antonio, Texas.
CONTACT US TO LEARN MORE
Energy
Merger with NuStar Energy L.P.
Date
February 2018
Company
NuStar GP Holdings, LLC
Transaction
M&A
Sectors
Energy
Target Location
North America
Acquiror Location
North America

Share