Sunoco Bets Big on Pipes, Storage With $7.3 Billion NuStar Deal

Sunoco LP, a US gas station owner, agreed to acquire pipeline and fuel storage company NuStar Energy LP for about $7.3 billion in a move to diversify its business and buy up a key part of its supply chain.

The all-stock deal is expected to close in the second quarter, the companies said Monday in a statement. Sunoco fell 7% at 11:01 a.m. in New York after plunging as much as 9.7%. NuStar surged as much as 19%.

The acquisition would expand crude oil transportation and storage for Sunoco, one of the largest independent fuel retailers in the ...