CVR Energy to buy two Marathon refineries and marketing arm for $4.2B

CVR Energy has signed a definitive agreement to acquire Marathon Petroleum's St. Paul Park, Minnesota and Mandan, North Dakota refineries, along with Marathon's related marketing business, for a total purchase price of approximately $4.2 billion. CVR calls the transaction transformative.

Why it matters: The deal significantly expands CVR's refining footprint into the upper Midwest while letting Marathon prune assets.