Davis Polk is advising Western Refining, Inc. in connection with its $6.4 billion acquisition by Tesoro Corporation. The transaction is expected to close in the first half of 2017 and is subject to customary closing conditions, including approval by the shareholders of both companies and the receipt of regulatory approval.

Western Refining is an independent oil refiner and marketer, headquartered in El Paso, Texas, operating mostly in the southwestern and western United States, and the upper Midwest. Tesoro is one of the largest independent refiners and marketers of petroleum products in the United States.

The Davis Polk corporate team includes partners John D. Amorosi and Marc O. Williams and associates Evan Rosen and Arthur M.T. Burke. Partner Jeffrey P. Crandall and counsel Cynthia Akard are providing executive compensation advice. Partner Rachel D. Kleinberg is providing tax advice. Partner Maurice Blanco is providing capital markets advice. Partner Lawrence E. Wieman and counsel J.W. Perry are providing credit advice. Members of the Davis Polk team are based in the New York and Northern California offices.