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Valero completes roll-up of Valero Energy Partners

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Valero completes roll-up of Valero Energy Partners

The San Antonio-based petroleum refining giant Valero Energy Corp. completed the $950 million roll-up of its master limited partnership, Valero Energy Partners LP.

The transaction resulted in Valero acquiring all of Valero Energy Partners' outstanding common units it did not already own, with the partnership becoming an indirect wholly owned subsidiary of Valero, according to a Jan. 10 news release. The partnership's common units will no longer trade on the New York Stock Exchange, effective the same day.

Valero in October 2018 agreed to buy all of the partnership's publicly held units at $42.25 each, representing about 12.4% to the volume weighted 30-trading-day average price of Valero Energy Partners units as of Oct. 17, 2018.