PBF Energy completes acquisition of PBF Logistics

PBF Energy (PBF) and PBF Logistics LP (PBFX) announced the completion of the transactions contemplated by the previously announced agreement and plan of merger, pursuant to which PBF Energy acquired all of the common units representing limited partner interests in PBF Logistics not already owned by PBF Energy and its subsidiaries for a combination of 0.270 of a share of PBF Energy Class A common stock and $9.25 in cash, without interest, per PBFX Public Common Unit. At a special meeting of holders of PBFX Common Units held earlier today, approximately 42,541,772, or 67.8%, of the issued and outstanding PBFX Common Units voted to approve the merger proposal. The merger of PBF Logistics with a subsidiary of PBF Energy became effective upon the filing of the certificate of merger with the Secretary of State of the State of Delaware, which occurred today. As a result of the transaction, PBFX Common Units will no longer be listed on the New York Stock Exchange, and it will cease to be a publicly traded company. Tom Nimbley, PBF Energy’s and PBF Logistics’ Chairman and CEO, said, "On behalf of the Boards of Directors and management team, we thank unitholders for their support in completing this significant milestone. We are excited to complete the transaction today and look forward to the continued success of the combined company."