Delek US Holdings has simplified the relationship between it and Delek Logistics Partners, the separately listed entity that owns large sections of its pipeline and storage infrastructure and in which it already had a 70.5 percent stake.

Per agreements signed Thursday, a general partnership 95 percent-owned by Brentwood-based Delek US is exchanging its 2 percent general partner interest in Delek Logistics as well as its incentive distribution rights — which entitled the GP to a larger share of Delek Logistics’ cash flow — for $45 million in cash and 14 million Delek Logistics units worth about $480 million.

Alongside that exchange, the Delek GP also is buying out Delek US CEO Uzi Yemin, who owned 5 percent of the GP, and Executive Vice President Fred Green, who controlled 0.2 percent, for a combined of $23.1 million in cash.

The upshot: The mothership Delek US now fully owns the general partnership, which in turn has a stake of about 80 percent of Delek Logistics (Ticker: DKL). As of Friday afternoon, that holding was worth a little more than $800 million.

"We are pleased to announce the elimination of the IDRs,” Yemin said in a statement. “This lowers the cost of capital for Delek Logistics, paving the way for better execution of our midstream growth strategy. The partnership has a robust growth platform with high distribution coverage and a strong financial position.”

Delek US spun out Delek Logistics in late 2012 and has since regularly moved some of its assets into the limited partnership. As of June 30, Delek Logistics has total assets of $974 million, of which $681 million were property, plant and equipment.

Shares of Delek US (Ticker: DK) were up nicely Friday on the news: At 1:20 p.m., they were changing hands at $16.18, nearly 5 percent above their Thursday close.

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