Delek Logistics Partners, Lp Announces Acquisition Of 3Bear Energy Increasing Its Prominent Position In The Permian Basin

Delek Logistics Partners, LP (NYSE: DKL) announced today that one of its subsidiaries has signed a definitive purchase agreement for the acquisition of 100% of the equity interests of 3Bear Delaware Holding – NM, LLC, an indirect subsidiary of 3Bear Energy, LLC ("3Bear"), related to 3Bear's crude oil and gas gathering, processing and transportation businesses, as well as water disposal and recycling operations in the Delaware Basin in New Mexico, for cash consideration of $624.7 million, subject to customary closing adjustments. Delek Logistics is executing the transaction through a newly formed, wholly owned subsidiary, DKL Delaware Gathering, LLC. The acquisition is expected to result in an investment multiple of approximately 6.25 times 2023 EBITDA.