SUN - Why NuStar Energy Was a Stock Market Star This Week
2024-01-26 07:55:37 ET
It's safe to say that most investors dream of the day when one of their companies is bought out for a premium by a deep-pocketed buyer.
That dream became reality for unitholders of energy transport and storage specialist NuStar Energy (NYSE: NS) on Monday. A far larger peer has swooped in to purchase the company, and the buyout price is generous. Thanks to this development, NuStar's stock price was trading more than 17% higher week to date prior to Friday's market open, according to data compiled by S&P Global Market Intelligence .
That buyer is none other than energy incumbent Sunoco (NYSE: SUN) , which has signed a definitive agreement with NuStar to acquire the smaller company in a deal valued at around $7.3 billion. The purchase, which is to be effected entirely in stock, includes the assumption of debt.
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Why NuStar Energy Was a Stock Market Star This Week