BP will acquire the remaining stake in its U.S. pipelines partnership BP Midstream Partners LP that it doesn’t already own in a more than $700 million deal, as the energy giant looks to simplify its structure.
The company said on Monday BP Midstream unitholders will receive 0.575 of a BP American depositary share for each unit they hold, translating to a total price of about $723 million for the deal, according to Reuters calculations. BP already owns roughly 54% of the partnership, Refinitiv data shows.
U.S. refiner Phillips 66 unveiled a similar deal in October when it said it would buy the remaining units of Phillips 66 Partners for $3.4 billion.
Read more/Source: Reuters
