Additionally, Sunoco announced the execution of a definitive asset purchase agreement with Attis Industries Inc. (NASDAQ: ATIS) ("Attis") for the sale of Sunoco's ethanol plant, including the grain malting operation, in Fulton, New York. As part of the transaction, Sunoco will enter into a 10-year ethanol offtake agreement with Attis.
Total consideration for the divestiture is $20 million in cash. Sunoco expects to use the proceeds to repay indebtedness as it continues to maintain its targeted leverage ratio. The transaction is subject to regulatory clearances and customary closing conditions and is expected to close in the first quarter of 2019.
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