Company: DK
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001694426-25-000112
Chunk: 12

Company: Delek US Holdings, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 comprised of $209.3 million in cash consisting of a cash deposit of $22.8 million paid in December 2024 upon execution of the purchase agreement and $186.5 million paid at closing on January 2, 2025, and 2,175,209 of Delek Logistics’ common units. For the three and six months ended June 30, 2025, we incurred $1.0 million and $4.1 million, respectively, in incremental direct acquisition and integration costs that principally consist of legal, advisory and other professional fees. Such costs are included in general and administrative expenses in the accompanying condensed consolidated statements of income and comprehensive income.Our condensed consolidated financial and operating results reflect the Gravity Acquisition operations beginning January 2, 2025. Our results of operations included revenue and net income of $24.0 million and $8.1 million, respectively, for the three months ended June 30, 2025, and $46.8 million and $18.0 million, respectively, for the period from January 2, 2025, through June 30, 2025, related to these operations.This acquisition was accounted for using the acquisition method of accounting, whereby the purchase price is measured at acquisition date fair value of assets acquired and liabilities assumed. Determination of Purchase Price The table below presents the estimated purchase price (in millions): Base purchase price:$291.6 Less: Adjusted Net Working Capital (as defined in the Gravity Acquisition Agreement)3.8 Plus: Various closing adjustments5.4 Adjusted purchase price$300.8 Cash paid $209.3 Fair value of common units issued (1)91.5 Preliminary purchase price$300.8 (1)The increase from the $85.0 million base purchase price outlined in the purchase agreement for the common unit consideration was driven by an appreciation in the common unit price.

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Notes to Condensed Consolidated Financial Statements (unaudited)

Purchase Price AllocationThe following table summarizes the preliminary fair values of assets acquired and liabilities assumed in the Gravity Acquisition as of January 2, 2025 (in millions):Assets acquired:Cash and cash equivalents$5.3 Accounts receivables16.4 Inventories1.8 Other current assets1.7 Property, plant and equipment192.8 Operating lease right-of-use assets0.1 Other intangibles (1)99.5 Other non-current assets0.1