News Releases

Baker Botts Represents Delek US Holdings, Inc. in $315 Million Sale of Logistics Assets to Delek Logistics Partners, LP

Deal Description: Delek US Holdings, Inc. (NYSE: DK) announced on February 26, 2018 that it has entered into a definitive agreement with Delek Logistics Partners, LP (NYSE: DKL) whereby Delek Logistics would acquire logistics assets from Delek US, subject to customary closing conditions. These assets consist of storage tanks and terminals that support Delek US’ Big Spring, Texas refinery.

The purchase price is approximately $315.0 million in cash. This dropdown is expected to be financed through a combination of cash on hand and borrowings on the revolving credit facility and is expected to close in March with an effective date of March 1, 2018.

In connection with the closing of the transaction, Delek US, Delek Logistics and various of their subsidiaries will enter into various long-term agreements for these assets. In addition, a new marketing agreement will be entered into between the companies for product sales from Big Spring.

The transaction and related agreements were approved by the Conflicts Committee of Delek Logistics’ general partner, which is comprised solely of independent directors. The Conflicts Committee engaged Duff & Phelps to act as its financial advisor and Orrick, Herrington & Sutcliffe LLP to act as its legal counsel. J.P. Morgan Securities LLC served as exclusive financial advisor to Delek US. Baker Botts represented Delek US in the transaction.

Baker Botts Lawyers/Office Involved:
Corporate: A.J. Ericksen (Partner, Houston), Leslie Daniel (Associate, Houston), Bill Pritchett (Associate, Houston), Mitch Athey (Associate, Houston)
Tax: Mike Bresson (Partner, Houston), Matthew Larsen (Partner, Dallas), Jared Meier (Senior Associate, Houston), Jacob Walley (Associate, Houston)
Energy Projects: Dan Mark (Partner, Houston)
Environmental: Scott Janoe (Partner, Houston)

For more information, please see Delek US’ news release by clicking here.

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit

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