Bulletin
Investor Alert

Market Pulse Archives

Oct. 27, 2021, 8:10 a.m. EDT

Phillips 66 to acquire Phillips 66 Partners in an all-stock deal valued at about $3.4 billion

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Phillips 66 (PSX)

or Cancel Already have a watchlist? Log In

By Ciara Linnane

PSX

Phillips 66 /zigman2/quotes/207448059/composite PSX -1.93% said Wednesday it has agreed to acquire all of the common units of Phillips 66 Partners it does not already own in an all-stock deal valued about $3.4 billion. Under the terms of the deal, Phillips 66 Partners unitholders would receive 0.50 shares of Phillips 66 common stock for each unit owned, while the partnership's preferred units would be converted into common units at a premium to the original issuance price. The deal is expected to close in the first quarter of 2022. Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire mostly fee-based crude oil, petroleum products and natural gas liquids pipelines, terminals and other midstream assets.Shares of the partnership jumped 3.3% premarket on the news.

/zigman2/quotes/207448059/composite
US : U.S.: NYSE
$ 70.00
-1.38 -1.93%
Volume: 3.22M
Dec. 3, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
5.26%
Market Cap
$30.67 billion
Rev. per Employee
$4.45M
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.