Delek Logistics Partners, LP (DKL): M&A transaction — Delek Logistics closes $230M acquisition of H2O Midstream; $160M cash + $70M convertible preferred

Delek Logistics Partners, LP

Acquisition of H2O Midstream water gathering, recycling, and disposal assets in Permian Basin closed on September 11, 2024.
Total consideration $230M: $160M cash plus $70M convertible preferred equity convertible at $49.25 per common unit.
Operations in Midland Basin overlap with existing DKL Permian operations; management expects cost and cross-sale synergies.
Third Amended and Restated Partnership Agreement adopted to establish preferred units with conversion and redemption rights.
Registration rights agreement filed to register resale of common units issuable upon conversion of preferred equity.

item 1.01 item 2.01 item 3.02 item 3.03 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Delek Logistics Partners, LP completed an acquisition involving H2O Midstream Holdings, LLC for $230 million (closed 2024-09-11).

Action: acquisition
Counterparty: H2O Midstream Holdings, LLC
Consideration: $230 million
Closing: 2024-09-11

Exact text from the filing

Agreement”). The acquisition of the Purchased Interests contemplated by the Purchase Agreement closed on September 11, 2024. The purchase price for the Purchased Interests was $230 million, subject to customary closing adjustments, which was paid in a combination of $160 million in cash and $70 million in preferred equity interests of the Partnership. The preferred

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Delek Logistics Partners, LP filing history →

Source: SEC EDGAR

accession 0001552797-24-000093

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