November 2010 Vol. 237 No. 11

In The News

Acon Investments, TPG Capital Buy Marathons Minnesota Downstream Assets

ACON Investments and TPG Capital signed agreements with Marathon Oil Corporation’s wholly owned subsidiary Marathon Petroleum Company LP to pay $900 million to acquire the majority of Marathon’s Minnesota downstream assets. TPG Capital and ACON Investments will form a new company, Northern Tier Energy LLC to operate the assets.

ACON Investments and TPG Capital will be acquiring the 74,000 bpd St. Paul Park refinery and an equity interest in the Minnesota Pipe Line, the pipeline which supplies the majority of the refinery’s crude oil. ACON and TPG will also acquire a portfolio of retail convenience stores.