Delek Logistics Partners, LP (NYSE:DKL) agreed to acquire H2O Midstream, LLC from EIV Capital, LLC and others for $230 million on August 6, 2024. The consideration will be paid in $160 million in cash at closing and $70 million convertible preferred redeemable at any point for equity (at ~20% premium) at DKL?s option. Transaction is ~5x run-rate EBITDA, including synergies.

Completion of the transaction id set for 1H - 2025. Transaction is Immediately accretive to 2025E DCF /share. Bank of America Securities, Inc. was the exclusive financial advisor and Baker Botts L.L.P. was the legal advisor to Delek Logistics.