BP to Acquire BP Midstream Partners in Stock Deal
December 20 2021 - 9:03AM
Dow Jones News
By Michael Dabaie
BP PLC said a U.S. affiliate would acquire all outstanding
common units of BP Midstream Partners LP that BP doesn't already
own in an all-stock deal.
The company said this represents 47.8 million common units. Each
unitholder would receive 0.575 of an American Depositary Share of
BP.
BP ADRs closed Friday at $26.30 and were down 2%, to $25.77, in
premarket trading.
The deal follows the offer made by BP in August to acquire the
publicly traded units of BPMP. BP said it expects the transaction
to close in the first quarter of 2022.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
December 20, 2021 08:48 ET (13:48 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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