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BRENTWOOD, Tenn. -- Delek US Holdings Inc., parent company of MAPCO Express, said it's completed the acquisition of additional common shares of Lion Oil Co., whose two refined petroleum products terminals supply products to some of Delek's 188 convenience stores in the Memphis and Nashville, Tenn., markets.
CSNews Online reported in late August that Delek had signed a definitive agreement to acquire the additional shares, equaling an interest of approximately 6.24 percent in Lion Oil. This brings Delek's total equity interest in the company to 34.5 percent. Total cash paid to the selling shareholders was about $23 million.
Lion Oil is a privately held company. In addition to its two refined petroleum terminals, the company also owns and operates a 75,000-barrel-per-day, high-conversion crude oil refinery in El Dorado, Ark., as well as three crude oil pipelines.
Delek US Holdings is a diversified energy business focused on petroleum refining, marketing and supply of refined products, as well as retail marketing of fuel and general merchandise. The refining segment operates a high conversion, independent refinery, with a design crude distillation capacity of 60,000 barrels per day, in Tyler, Texas. The marketing and supply segment markets refined products through its terminals in Abilene, Texas and San Angelo, Texas, as well as other third party terminals.
The retail segment markets gasoline, diesel and other refined petroleum products and convenience merchandise through a network of company-operated retail fuel and convenience stores, operated under the MAPCO Express, MAPCO Mart, East Coast, Discount Food Mart, Fast Food and Fuel, and Favorite Markets brand names.