Western Refining Acquires ACON & TPG's Interests In Northern Tier Energy

(RTTNews) - Northern Tier Energy LP (NTI) announced its private equity sponsors, ACON Investments, L.L.C. and TPG, have entered into a definitive agreement to sell all of their interests in Northern Tier Energy, including those of the general partner, to Western Refining, Inc. (WNR) for total consideration of $775 million plus the distribution on the common units acquired with respect to the quarter ended September 30, 2013.

As a result of the transaction, Western Refining now owns 100% of the general partner and 35,622,500 common units, or 38.7%, of Northern Tier Energy. The balance of the limited partner units will remain publicly traded. Western Refining said the transaction will be immediately accretive to its earnings and cash flow.

As a result of the acquisition, Western's platform will now include: Refining capacity of 242,500 barrels per day; pipeline access to cost-advantaged crude oil sources in the Bakken, Permian, San Juan, and western Canada regions; wolesale distribution of approximately 160,000 barrels per day to customers in the Southwest, mid-Atlantic, and Upper Midwest; integrated network of 458 retail convenience stores; and extensive crude oil and refined product logistics assets.