Chevron to Buy Rest of Noble Midstream in $494 Million Stock Deal
March 05 2021 - 6:56AM
Dow Jones News
By Colin Kellaher
Chevron Corp. on Friday said it agreed to buy the rest of
midstream infrastructure company Noble Midstream Partners LP for
about $494 million in stock.
The San Ramon, Calif., oil giant, which already owns more than
60% of Noble, said it will issue 0.1393 shares for the remaining
33.9 million Noble units.
The deal values Noble at about $14.56 a unit based on Chevron's
Thursday closing price of $104.50, below Noble's closing price of
$15.05 but above the $12.47 value contained in a nonbinding buyout
proposal Chevron made in February.
Chevron previously said the transaction, which it expects to
complete in the second quarter, would combine two highly integrated
businesses while streamlining governance of Noble's assets, which
primarily serve Chevron as its largest customer.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 05, 2021 06:41 ET (11:41 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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