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Rentech Nitrogen Partners sells controlling interest to rival

Aug 10, 2015 - The Deal Pipeline
Mergers and Acquisitions

Rentech Nitrogen Partners LP (RNF) wasn't on the auction block very long, agreeing on Monday to sell 64.4% of the company to rival CVR Partners LP (UAN) for $840 million, including the assumption of debt. Sugar Lake, Texas-based CVR Partners will pay $533 million in cash and will assume or refinance $307 million in net debt. Under terms of the transaction, Rentech Nitrogen will receive 1.04 units of CVR Partners plus cash of $2.75 per share. The transaction value represents a 20.3% premiu...