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CVR Energy to acquire remaining units of its refining MLP

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CVR Energy to acquire remaining units of its refining MLP

CVR Refining LP announced Jan. 17 that CVR Energy Inc. has chosen to exercise its right to purchase all issued and outstanding units in the partnership not owned by the general partner CVR Refining GP LLC or its affiliates.

The units will be purchased on Jan. 29 at $10.50 per common unit, or $241 million in total.

In addition, CVR Energy also entered into an agreement with American Entertainment Properties Corp. and Icahn Enterprises Holdings LP to purchase all of their common units in the partnership for $60 million.

Following the completion of the transaction, CVR Energy will own directly or indirectly 100% of the partnership's common units which will also no longer to be traded or listed publicly.

The move follows an early transaction reported on July 30 where CVR Energy obtained 84.5% of the partnership's common units through an exchange offer.