Cleary Gottlieb is representing Goldman Sachs as financial advisor to Tesoro Corporation in its $6.4 billion acquisition of Western Refining.
Tesoro Corporation is an independent refiner and marketer of petroleum products; Western Refining is a crude oil refiner and marketer operating primarily in the Southwestern, North-Central and Mid-Atlantic regions of the United States.
The transaction, announced November 17, 2016, has an enterprise value of $6.4 billion, including the assumption of approximately $1.7 billion of Western’s net debt and the $605 million market value of non-controlling interest in Western Refining Logistics.