PBF Energy completed the acquisition of the remaining 52.3% stake in PBF Logistics.

PBF Energy, an independent petroleum refiner and supplier, completed the acquisition of the remaining 52.3% stake in PBF Logistics, a firm that operates crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets. Under the merger agreement, each outstanding common unit of PBF Logistics that PBF Energy didn't already beneficially own is converted into 0.27 shares of PBF Energy Class A common stock and $9.25 in cash, without interest. "We are pleased to announce this strategic acquisition by PBF Energy, which represents a key objective in PBF Energy's plans to optimize our refining and logistics operations. This transaction will ultimately allow us to simplify our corporate structure and eliminate administrative, compliance and cost burdens of running a separate public company. Following consummation of the merger, we believe that the combined company will have a significantly enhanced financial profile," Tom Nimbley, PBF Energy and PBF Logistics Chairman and CEO.