Banking Recap

M&A Transaction Announced for $485.0M

Par Pacific Holdings, Inc. (NYSE and NYSE Texas: PARR), a Houston-based energy company providing renewable and conventional fuels across the western United States, announced on August 25, 2026 that Laramie Energy, LLC, in which Par Pacific owns a 46% non-controlling ownership interest, entered into a definitive agreement with an unnamed third-party purchaser to sell substantially all of its oil and gas assets for $485 million in cash, of which $60 million is payable on the fifth anniversary of closing, subject to working capital and other customary closing date adjustments. Laramie Energy is also eligible to receive price-contingent earn-out payments of up to an additional $65 million in the aggregate following the first through fifth anniversaries of closing.

Aug 25, 2026·SEC EDGAR (8-K)·pending regulatory·asset sale (portfolio company exit, minority investor)

Deal value

This entry is sourced from Par Pacific's Exhibit 99.1 press release filed as part of an 8-K on August 25, 2026. The transaction is a definitive agreement that had not yet closed as of this filing; it was expected to close by the end of 2026, subject to regulatory approvals and satisfaction of customary closing conditions.

No financial advisor is named in this release for Laramie Energy, Par Pacific, or the unnamed third-party purchaser.

No legal advisor is named in this release for any party to the transaction.

Under the disclosed terms, in connection with the closing, Par Pacific (net of Laramie Energy's debt repayment and closing adjustments and fees) expects to receive approximately $146 million of the transaction consideration (of which approximately $27.5 million is payable on the fifth anniversary of closing) and is eligible to receive up to approximately $30 million of the earn-out payments. Par Pacific will exit its investment in Laramie Energy entirely as part of the transaction.

The release does not disclose the identity of the third-party purchaser, the names of any financial or legal advisors involved on any side of the transaction, the specific terms of the working capital adjustment mechanism, or the methodology for calculating the price-contingent earn-out payments beyond their aggregate cap. Par Pacific's own sale of its 46% interest in Laramie Energy, as distinct from Laramie Energy's sale of its operating assets, is described only in terms of expected net proceeds and earn-out eligibility, without an explicit standalone valuation for Par Pacific's equity stake itself.