US fuel distributor Sunoco has successfully completed the acquisition of eight refined products terminals from NuStar Energy and Cato, for which it paid US$255.5 million (€215.1 million).
The deals to buy the terminals were first announced in August 2021 and were expected to close by the end of the year. Sunoco says it funded the acquisitions with cash on hand and through its revolving credit facility.
From NuStar, Sunoco bought the Blue Island terminal in Illinois, Andrews Air Force Base, Baltimore and Piney Point in Maryland, Jacksonville in Florida, Linden and Paulsboro in New Jersey, and Virginia Beach in Virginia. The combined storage capacity of the terminals is 14.8 million bbl. From Cato it bought the 140,000 bbl terminal in Salisbury, Maryland, which and stores gasoline and distillate.
‘These accretive acquisitions significantly expand SUN’s midstream business and enhance its platform for fuel distribution growth,’ Sunoco says in a statement.