MPLX LP has completed its acquisition of Andeavor Logistics LP (ANDX) in a unit-for-unit transaction (with a blended exchange ratio of 1.07 times) and assumption of approximately US$5 billion of debt.
"We are pleased to close our acquisition of Andeavor Logistics today," said Gary R. Heminger, MPLX Chairman and Chief Executive Officer. "This transaction allows MPLX to further progress its strategic vision of creating a leading, large-scale, diversified midstream company anchored by fee-based cash flows."
ANDX unaffiliated common unitholders representing a majority of the common units held by unaffiliated holders submitted consents in favour of the transaction.
ANDX common unitholders will receive the MPLX quarterly cash distribution of US$0.6675 per common unit for 2Q19, payable on 14 August 2019, with respect to the MPLX common units issued in connection with the merger, and will not receive any future distributions from ANDX. Additionally, ANDX Series A Preferred unitholders will not receive any future distributions from ANDX, but instead will receive the semi-annual distribution payable 15 August 2019, on MPLX Series B Preferred units issued in connection with the merger.
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