Delek US Holdings (DK) to Purchase Up to $30M of Delek Logistics Partners (DKL) Units
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Delek US Holdings, Inc. (NYSE: DK) announced that its Board of Directors has approved the purchase of up to $30 million of the outstanding common limited partner units in Delek Logistics Partners, LP (NYSE: DKL). This authorization, which may be executed through 10b5-1 or similar plans, will remain in place until the authorized amount is fully utilized. At the discretion of Delek US, the program may be suspended or terminated at any time. At September 30, 2016, Delek US and its affiliates owned a 59.7 percent limited partner interest, consisting of 14,798,516 limited partner units, and the 2.0 percent general partner of Delek Logistics Partners, LP.
Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US stated, "This approval provides an additional option in our capital allocation program. Based on the current growth outlook for DKL combined with its yield and valuation, we believe it represents an attractive investment opportunity. With the expected closing of the $535.0 million retail transaction in November, our financial flexibility should be improved, providing the ability to support this investment, as well as continued evaluation of strategic opportunities to grow our business with a focus on creating long term value for our shareholders.”
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