Alon USA Energy acquires Paramount Petroleum for $407 million
Clients Alon USA Energy, Inc.
Jones Day advised Alon USA Energy, Inc. in its $407 million acquisition of Paramount Petroleum Corporation. Dallas-based Alon is an independent refiner and marketer of petroleum products, operating primarily in the South Central, Southwestern and Western regions of the United States. The company owns crude oil refineries in Texas, California, Louisiana, and Oregon. Alon markets gasoline and diesel products under the FINA brand name, and is a leading producer of asphalt. Alon also operates more than 30 convenience stores in West Texas and New Mexico primarily under the 7-Eleven and FINA brand names. Paramount Petroleum, headquartered in California, is a leading manufacturer and marketer of asphalt in the Western states. With the acquisition, Alon has added 66,000 barrels a day of refining capacity and seven asphalt terminals. In addition to M&A representation, Jones Day provided antitrust (with clearance by the Federal Trade Commission), employee benefits, environmental, and tax advice regarding this transaction.