Delek streamlines Delek Logistics ownership structure

Delek US Holdings has simplified the relationship between it and Delek Logistics Partners, the separately listed entity that owns large sections of its pipeline and storage infrastructure and in which it already had a 70.5 percent stake.

Per agreements signed Thursday, a general partnership 95 percent-owned by Brentwood-based Delek US is exchanging its 2 percent general partner interest in Delek Logistics as well as its incentive distribution rights — which entitled the GP to a larger share of Delek Logistics’ cash flow — for $45 million in cash and 14 million Delek Logistics units worth about $480 million.