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Philadelphia Energy Solutions Explores Sale of Company.

MANews-(C)2009-2019

3 September 2019 - US-based oil-refining complex owner Philadelphia Energy Solutions has started a structured process to solicit the level of interest held by the large number of parties that have expressed a desire to potentially acquire PES and/or all or a portion of its assets, the company said.

PES has retained PJT Partners as its investment banker to assist with this process.

In addition to the potential sales transaction, PES is also evaluating a number of strategic alternatives to maximise value for its stakeholders, including the rebuild of its infrastructure damaged in the June 21st incident and restarting the refining complex.

It has recently come to PES's attention that certain third parties have made public statements concerning their interest in PES's sale process, the company said.

At this time, it is far too early in the strategic process for PES or others to be making any public statements regarding the future direction of PES and the refinery complex.

For clarity, PES is running a broad and competitive process; at this time, no agreements or parties have been selected as potential acquirers/partners.

All value maximizing options will be carefully reviewed and considered by PES and its advisors through the process.

PES is not currently planning to make further public statements relative to its strategic process.

Headquartered in Philadelphia, PES owns the largest oil-refining complex on the eastern seaboard, with nameplate capacity of 335,000 barrels per day.

PES owns a portfolio of industrial assets that includes two refineries, logistics terminals, storage facilities as well as other property and supporting infrastructure.

The PES refinery complex is strategically positioned approximately 2.5 miles from downtown Philadelphia.

The 1,300-acre industrial site hosting the refinery complex benefits from extensive existing industrial infrastructure, including built-out pipelines, storage facilities and access to rail, truck and vessel transport.

Country: USA

Sector: Petroleum/Natural Gas/Coal

Target: Philadelphia Energy Solutions

Buyer:

Vendor:

Deal size in USD:

Type: Divestment

Financing:

Status: Speculation

Buyer advisor: , ,

Comment: Company is exploring sale

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Publication:M & A Navigator
Geographic Code:1U2PA
Date:Sep 3, 2019
Words:335
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