Deal Description: On April 1, 2016, Valero Energy Corporation (NYSE: VLO) entered into a drop-down transaction with Valero Energy Partners LP (NYSE: VLP), pursuant to which VLP acquired the McKee Terminal Services Business from a subsidiary of VLO for total consideration of $240 million, including approximately $36 million of common and general partner units of VLP.
The acquired entity owns crude oil, intermediates, and refined petroleum products terminal assets serving Valero's McKee Refinery in Sunray, Texas, consisting of storage tanks with 4.4 million barrels of capacity.
Baker Botts represented VLO in the drop down.
Baker Botts Lawyers/Office Involved: Gerald M. Spedale (Partner, Houston); Jeremy Moore (Senior Associate, Houston); Justine Robinson (Associate, Houston); Jude Dworaczyk (Associate, Houston) and Steve Marcus (Partner, Dallas).
For more information, please see VLP’s news release by clicking here.
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