Tesoro Corporation Completes $5.8 Billion Acquisition of Western Refining, Inc.

June 1, 2017
Download

S&C represented Tesoro Corporation in its definitive agreement to acquire Western Refining, Inc. for an enterprise value of $5.8 billion. Tesoro also announced that it is changing its name to “Andeavor” effective August 1.
 
Tesoro Corporation, a Fortune 100 company, is an independent refiner and marketer of petroleum products. Western Refining, Inc. is an independent refining and marketing company headquartered in El Paso, Texas. This transaction will enhance the integrated refining, marketing and logistics operations of both companies, creating a combined company that is well-positioned to drive significant growth across the value chain, with over 3,000 branded retail stations. Tesoro expects to achieve a 10 to 13 percent increase in earnings per share in 2018, the first full year of combined operations.
 
The S&C M&A team on the transaction is led by Frank Aquila and Audra Cohen along with Kiran Kadekar and Kai Sheffield. Heather Coleman and Kelsey Baldwin are advising on executive compensation and benefits matters, and Ari Blaut and Catherine Clarkin are advising on financing matters.