Deals
PBF Energy Agrees to Buy Sunoco’s Toledo Refinery
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PBF Energy Co. LLC, the partnership backed by private-equity firms Blackstone Group LP and First Reserve Corp., agreed to buy Sunoco Inc.’s Toledo refinery in Ohio for about $400 million.
PBF will pay $200 million in cash and $200 million as a two-year note, plus as much as $125 million based on the refinery’s profitability, according to a statement issued today by Philadelphia-based Sunoco. PBF will also pay for the plant’s crude oil and fuel inventory, which will be valued at market prices when the sale is complete, according to the statement.