Calumet Specialty Products Partners LP said Monday that it is buying NuStar's San Antonio, Texas, refinery assets for about $115 million.
Bill Grube, CEO of Indianapolis-based Calumet, said the acquisition will expand the refiner's geographic reach and provide it with a facility near the Eagle Ford Shale formation in southern Texas.
Calumet said the transaction includes the refinery and related crude-oil pipeline, crude-oil terminal, other operating and logistics assets, and inventories of NuStar Refining LLC and NuStar Logistics LP.
NuStar Refining and NuStar Logistics are subsidiaries of NuStar Energy LP.
Calumet said that it plans to finance the transaction with available cash and borrowings under its senior secured revolving credit arrangement.
The deal is expected to close in January.
Calumet has made a flurry of acquisitions worth more than $1 billion in the past 14 months.