The closing of the acquisition of the remaining shares of Alon USA Energy, Inc. by Delek US Holdings, Inc. has been completed, stated the company.
Delek US owned approximately 47 percent prior to this transaction and following closing, Delek US will have approximately 82.0 million shares outstanding. With Uzi Yemin serving as Chairman, President and Chief Executive Officer, Delek US’ management team will lead the combined company.
Uzi Yemin says, “With the transaction now complete, I want to welcome the Alon employees, and we look forward to integrating Alon’s operations into Delek. The combined refining operation will be one of the largest buyers of crude from the Permian Basin among the independent refiners. Our strong financial position, combined with the ability to achieve $85 million to $105 million of expected synergies and unlock logistics value, should allow our capital allocation program to include initiatives to improve operations, take advantage of growth opportunities and return cash to shareholders, as we work to drive long-term value creation for our shareholders.” PWKD05072017