Akin Gump Advises Valero Energy Partners Conflicts Committee in Merger Agreement with Valero Energy Corporation

(Houston) – Valero Energy Corporation (Valero) and Valero Energy Partners LP (the partnership) today announced the execution of a definitive agreement and plan of merger pursuant to which Valero will acquire, for cash, all of the outstanding publicly held common units of the partnership at a price of $42.25 per common unit, for an aggregate transaction value of approximately $950 million. The transaction price represents an approximate 12.4 percent premium to the 30 trading-day volume weighted average price of the partnership’s common units as of October 17. Akin Gump advised the conflicts committee of the board of directors of the partnership’s general partner.

The transaction will close as soon as possible following the satisfaction of certain customary closing conditions. Upon its closing, the partnership will be an indirect wholly owned subsidiary of Valero Energy Corporation and will cease to be a publicly held partnership.

Akin Gump oil and gas partner David Elder led the team advising the conflicts committee. He was joined by oil and gas partners Patrick Hurley and Shar Ahmed and associates Cynthia Angell and Allyson Li as well as tax partner Jocelyn Tau.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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