Shell USA, Shell Midstream Partners Agree to USD 1.96bn Merger.
MANews-(C)2009-2022
British oil and gas major Shell plc's (LSE: SHEL) Houston, US-based Shell USA, Inc. business and Shell Midstream Partners, L.P. (NYSE: SHLX) have executed a definitive agreement and plan of merger under which Shell USA will acquire all of the common units representing limited partner interests in SHLX held by the public at USD 15.85 per Public Common Unit in cash for a total value of approximately USD 1.96bn, the companies said.
A subsidiary of Shell USA currently owns 269,457,304 SHLX common units, or approximately 68.5% of SHLX common units.
SHLX's assets include interests in entities that own crude oil and refined products pipelines and terminals that serve as key infrastructure to transport onshore and offshore crude oil production to US Gulf Coast and Midwest refining markets and deliver refined products from those markets to major demand centers, as well as storage tanks and financing receivables that are secured by pipelines, storage tanks, docks, truck and rail racks and other infrastructure used to stage and transport intermediate and finished products.
Its assets also include interests in entities that own natural gas and refinery gas pipelines that transport offshore natural gas to market hubs and deliver refinery gas from refineries and plants to chemical sites along the US Gulf Coast.
The board of directors of Shell Midstream Partners GP LLC, the general partner of SHLX, delegated to a conflicts committee of the SHLX Board, consisting solely of independent directors, the review, evaluation, negotiation and determination of whether to approve and to recommend that the SHLX board approve the...
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