The deal is sourced from Delek Logistics' own 8-K closing-announcement exhibit, filed June 1, 2022, confirming completion of the previously announced transaction and summarizing the acquired asset base. An earlier April 2022 8-K exhibit (also surfaced in this round's research) appears to correspond to the original deal announcement.
Tudor, Pickering, Holt & Co., Perella Weinberg Partners' energy-focused affiliate, served as financial advisor to 3Bear, the target, per the release: "Tudor, Pickering, Holt & Co. is serving as financial advisor and Vinson & Elkins is serving as legal advisor to 3Bear on the transaction." On the acquirer side, RBC Capital Markets served as financial advisor to Delek Logistics.
Baker Botts served as legal advisor to Delek Logistics, and Vinson & Elkins served as legal advisor to 3Bear.
Total cash consideration was $624.7 million, excluding customary closing adjustments, funded with a combination of cash and debt financing. The release stated the acquisition was expected to result in an investment multiple of approximately 6.25 times preliminary forecasted 2023 EBITDA. The acquired asset base included approximately 485 miles of pipelines, 88 million cubic feet per day of cryogenic natural gas processing capacity, 120 MBbl of crude storage capacity, and 200 MBbl/d of water disposal capacity, anchored by approximately 350,000 dedicated acres under long-term fixed-fee contracts.
Not disclosed in the reviewed excerpt: the specific debt-versus-cash funding split used to finance the $624.7 million consideration, the original signing date of the definitive agreement (as distinct from this closing announcement), and the precise forecasted 2023 EBITDA figure underlying the stated 6.25x multiple.