Shell USA, Shell Midstream Partners to Merge in $1.96 Billion Deal
July 25 2022 - 5:26PM
Dow Jones News
By Kathryn Hardison
Shell USA Inc. and Shell Midstream Partners L.P. have agreed to
merge.
The companies said Monday that they have executed a definitive
agreement and plan of merger for Shell USA to acquire all of the
common units representing limited partner interests in Shell
Midstream Partners held by the public. Shell USA will purchase them
at $15.85 each in cash, representing a total value of approximately
$1.96 billion, the companies said.
A subsidiary of Shell USA currently owns 269,457,304, or almost
69%, of Shell Midstream Partners common units.
The deal is expected to close in the fourth quarter.
Shell Midstream Partners' assets include interests in entities
that own crude-oil and refined products pipelines and terminals
that serve as key infrastructure in transporting onshore and
offshore crude-oil production to U.S. Gulf Coast and Midwest
refining markets. The entities also deliver refined products from
those markets to major demand centers, the companies said.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
July 25, 2022 17:11 ET (21:11 GMT)
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