By Connor Hart
Martin Resource Management will acquire Martin Midstream Partners.
The companies on Thursday said they entered a definitive agreement in which Martin Resource will acquire all of the outstanding common units of Martin Midstream it doesn't already own.
In the all-cash transaction, Martin Resource will pay $4.02 per unit, representing a 34% premium to the market's closing price prior to the company's initial proposal, made on May 24, and an 11% premium to the trailing 30-trading day volume-weighted average price.
The deal is expected to close by the end of the year.
Martin Resource expects to fund the purchase and related transaction costs through its existing cash on hand, cash flow available prior to the closing of the transaction, borrowings under its existing credit facility and $5 million in loans from certain members of its management team.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
October 03, 2024 16:35 ET (20:35 GMT)
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