What: Shares of PBF Energy Inc (NYSE:PBF) jumped more than 16% today after the company announced it was acquiring Chalmette Refining, which is a joint venture that's owned by ExxonMobil (NYSE:XOM) and Venezuela's PDVSA. PBF Energy is paying $322 million for the joint venture, which owns the Chalmette Refinery in Louisiana along with related logistics assets.

So what: In acquiring the 189,000 barrel a day Chalmette Refinery, PBF Energy will boost its total throughput capacity by 35% to 725,000 barrels per day. Moreover, the deal is expected to boost the company's earnings by 20% next year, which is very meaningful earnings accretion for the company.

Further, the related logistics assets include ownership interests in three pipelines, crude and petroleum product storage facilities, a marine terminal, and a clean products truck rack, all of which are attractive MLP assets. These assets could eventually be dropped down into the company's MLP PBF Logistics LP (NYSE:PBFX), which is why that company's units are also rallying double digits on the news.

Now what: This is a very meaningful acquisition for PBF Energy as the deal sharply increases the company capacity and its earnings. Further, the deal also includes several compelling MLP-qualifying assets that PBF Energy could sell down to PBF Logistics in a move that could create value for investors in both companies. Overall, the acquisition certainly fits well within the company's growth by acquisition strategy.