S.A. loses another local company with Andeavor’s $23 billion sale

File photo of Andeavor refinery in Anacortes, Wash. Marathon Petroleum is buying San Antonio-based Andeavor for $23 billion, the companies announced Monday. File photo of Andeavor refinery in Anacortes, Wash. Marathon Petroleum is buying San Antonio-based Andeavor for $23 billion, the companies announced Monday. Photo: Ted S. Warren /AP Photo: Ted S. Warren /AP Image 1 of / 29 Caption Close S.A. loses another local company with Andeavor’s $23 billion sale 1 / 29 Back to Gallery

Marathon Petroleum is buying San Antonio-based Andeavor for $23.3 billion, moving the executive offices of yet another local company out of state in a deal that will create the nation’s largest oil refiner, the companies announced Monday.

The headquarters of Andeavor, formerly Tesoro Corp., will be merged with and moved to Findlay, Ohio where Marathon is based. Andeavor CEO Gregory Goff will also move to the combined company as executive vice chairman. It’s unclear how this will impact Andeavor’s 1,500 employees based in San Antonio where executives said it will maintain an office. The company has a total workforce of about 14,000.

“We are very early in the process for Marathon Petroleum to determine the best approach to running our combined operations,” said Andeavor spokeswoman Destin Singleton. “We plan to maintain a presence in San Antonio.”

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For San Antonio, it’s the fourth major homegrown company the city is losing to an outside buyer over the last 18 months. C.H. Guenther & Son Inc. sold to Chicago private equity firm Pritzker Group earlier this month in a deal reportedly valued at as much as $1.4 billion.

Rackspace Hosting sold to New York private equity firm Apollo Global Management for roughly $4.3 billion in late 2016. Convenience chain operator CST Corp. also sold that year to the Canadian owner of Circle K, Alimentation Couche-Tard Inc., for $4.4 billion.

“Anytime there’s a merger like that people get laid off. There’s hardly a case where they’re not,”said Bexar County Judge Nelson Wolff. “It’s a concern anytime you have a major corporation here that gets swallowed by somebody else.”

Turn to Tuesday’s front page or click here on ExpressNews.com to read the full article.

Staff writers Jennifer Hiller and Joshua Fechter contributed to this article.

dkopecki@express-news.net | On Twitter @dawn_kopecki