Emerge Energy Shares Rally As Sunoco Agrees To Buy Fuels Business
Emerge Energy Services LP shares jumped in the extended session Thursday after Sunoco LP said it agreed to buy Emerge's fuels business for $178.5 million. Emerge shares rallied 15% to $13.25 after hours. Under the agreement, Sunoco will acquire Dallas-based Direct Fuels LLC and Birmingham, Ala.-based Allied Energy Company LLC from Emerge. The deal is expected to close in the third quarter.
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