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.

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