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Big Law

Marathon Petroleum in $9B Deal to Merge Midstream Units

Marathon Petroleum Corp. (MPC) has agreed to merge its two midstream businesses, MPLX LP and Andeavor Logistics LP (ANDX), in a deal worth $9 billion, the company announced Wednesday. The definitive merger of Marathon’s two master limited partnerships involves MPLX acquiring ANDX in a unit-for-unit transaction at a blended exchange ratio of 1.07x. It would give ANDX public unitholders 1.135x MPLX common units for each ADNX common unit held and MPC would receive 1.0328x MPLX common units for each ANDX common unit held. This announcement comes after Ohio-based oil refiner MPC agreed it would acquire rival oil refiner Andeavor for $23.3 billion in April 2018.

Read the source article at rigzone.com

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