The company, which is an existing shareholder of Lion, will increase its total equity ownership in Lion to 88.3%.
Delek acquired a 34.6% interest in Lion from multiple selling shareholders in 2007.
Upon becoming the new majority shareholder, the company will assume operational control and management of the Lion Oil refinery and certain related assets.
Delek president and CEO Uzi Yemin said that this transaction represents a significant expansion of Delek’s downstream asset base throughout the Gulf Coast and Mid-Continent regions of the US.
"Upon becoming the new majority owner and operator of Lion Oil, we will be well-positioned to participate at each level of an integrated supply chain that includes the production, wholesale distribution and retail marketing of refined products in the region," Yemin said.
