Delek Logistics Acquires Full Stake in Delaware Basin JV
Ticker: DKL · Form: 8-K · Filed: Mar 8, 2024 · CIK: 1552797
Sentiment: neutral
Topics: acquisition, joint-venture, energy
Related Tickers: DLK
TL;DR
DLK buys out JV partner, takes full control of Delaware Basin assets.
AI Summary
Delek Logistics Partners, LP announced on March 7, 2024, that it has entered into a definitive agreement to acquire the remaining 49.9% interest in its Delaware Basin joint venture from its joint venture partner, Motiva Enterprises LLC. This transaction is expected to close in the second quarter of 2024 and will result in Delek Logistics owning 100% of the Delaware Basin assets.
Why It Matters
This acquisition consolidates Delek Logistics' ownership of its Delaware Basin assets, potentially leading to greater operational control and financial benefits.
Risk Assessment
Risk Level: medium — The acquisition involves integrating the remaining stake, which could present operational or financial challenges, and the deal is subject to closing conditions.
Key Numbers
- 49.9% — Remaining Interest (Percentage of Delaware Basin JV being acquired)
Key Players & Entities
- Delek Logistics Partners, LP (company) — Registrant
- Motiva Enterprises LLC (company) — Joint Venture Partner
- Delaware Basin (location) — Asset Location
- March 7, 2024 (date) — Date of Report
- Second Quarter of 2024 (date) — Expected Closing Period
FAQ
What is Delek Logistics Partners, LP acquiring?
Delek Logistics Partners, LP is acquiring the remaining 49.9% interest in its Delaware Basin joint venture from Motiva Enterprises LLC.
Who is the seller in this transaction?
The seller is Motiva Enterprises LLC, the joint venture partner.
When is the transaction expected to close?
The transaction is expected to close in the second quarter of 2024.
What will be Delek Logistics Partners, LP's ownership stake after the acquisition?
Delek Logistics Partners, LP will own 100% of the Delaware Basin assets after the acquisition.
What is the date of this Form 8-K filing?
The date of this Form 8-K filing is March 7, 2024.
Filing Stats: 491 words · 2 min read · ~2 pages · Grade level 13.2 · Accepted 2024-03-07 20:31:31
Key Financial Figures
- $120,000,000 — t of an underwritten public offering of $120,000,000 of common units representing limited pa
Filing Documents
- d755819d8k.htm (8-K) — 20KB
- d755819dex991.htm (EX-99.1) — 8KB
- g755819g0308045324920.jpg (GRAPHIC) — 4KB
- 0001193125-24-062567.txt ( ) — 162KB
- dkl-20240307.xsd (EX-101.SCH) — 3KB
- dkl-20240307_lab.xml (EX-101.LAB) — 18KB
- dkl-20240307_pre.xml (EX-101.PRE) — 11KB
- d755819d8k_htm.xml (XML) — 4KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: March 7, 2024 DELEK LOGISTICS PARTNERS, LP By: Delek Logistics GP, LLC its general partner /s/ Reuven Spiegel Name: Reuven Spiegel Title: Executive Vice President and Chief Financial Officer (Principal Financial Officer)