San Antonio pipeline and storage company NuStar Energy L.P. said the merger deal that will make it a subsidiary of Sunoco LP has received unitholder approval and is now expected to close as early as Friday. And in what’s likely to be its final earnings report before being swallowed up by the Dallas-based gas station owner, NuStar said profit nosedived in the three months through March even as revenue held steady. Sunoco agreed in January to buy NuStar for about $6.
With its San Antonio future in question, a look at NuStar’s past — and city’s history of losing HQs NuStar said late Wednesday that about 69% of its unitholders voted in favor of the transaction, which the companies earlier had said would close in the second quarter. Now, it expects to close “on or about May 3, 2024, subject to the satisfaction of customary closing conditions.
NuStar reports solid fourth-quarter, year-end earnings as it approaches merger with Sunoco Under the all-stock merger deal, NuStar common unitholders will receive 0.400 of a Sunoco common unit for each NuStar common unit when the deal closes. Additionally, NuStar unitholders are anticipated to receive Sunoco’s first quarter 2024 distribution. In Thursday morning trading, shares of Sunoco were going for about $55.50 while NuStar shares were about $22.