Par Petroleum To Shell Out $400M For Tesoro Hawaii

Law360, Houston (June 18, 2013, 4:35 PM EDT) -- Houston-based Par Petroleum Corp. said Monday it has agreed to pay Tesoro Corp. nearly $400 million to acquire the company’s Hawaii subsidiary, which operates a 94,000-barrel-per-day refinery, more than two dozen retail gas stations, and pipeline and logistics facilities.

The deal calls for Par to pay $75 million in cash for Tesoro Hawaii LLC, plus the market value of its net working capital, which Tesoro estimates is between $225 million and $275 million. Also included in the purchase price is an earn-out arrangement worth up to...
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