With this acquisition, the company has increased its total equity ownership in Lion Oil from 88.3% to 100% for about $13m funded through existing cash on hand.
Delek acquired a 34.6% interest in Lion Oil from multiple selling shareholders in 2007 and it entered into an agreement in March 2011 to acquire a 53.7% equity interest in Lion Oil from Ergon.
Lion Oil markets petroleum products that range from multiple grades of gasoline and ethanol blended gasolines, to ultra-low sulfur diesel, solvents, propanes and asphalt products.
