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Stock Market & Financial Investment News

News Breaks
August 6, 2014
17:12 EDTCST, LGPCST Brands acquires general partner of Lehigh Gas for $85M in cash, stock
CST Brands (CST) announced that it has entered into definitive agreements to purchase 100% of the membership interests of Lehigh Gas GP, the general partner of Lehigh Gas Partners LP (LGP), from Lehigh Gas Corporation and all of the outstanding IDRs of LGP. The aggregate consideration will be $17M in cash and approximately 2.04M shares of CST common stock. Based on the closing share price of CST Brands stock as of August 5, the total consideration is currently valued at approximately $85M. The transaction has been approved by the board of CST Brands. The closing of the transaction is subject to customary conditions, including consent of the lenders and modification of the credit facilities of CST Brands and Lehigh Gas Partners. The transaction is expected to close early in Q4. Joe Topper, the chairman and CEO of LGP, will continue as president and CEO of LGP and will join the board of CST Brands. The transaction overall does not involve the sale or purchase of any of the common or subordinated units of Lehigh Gas Partners. LGP will continue to operate as a separate, publicly-traded, master limited partnership and maintain its current headquarters in Allentown, PA.
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