Shell USA to Buy Shell Midstream Partners for $2-Billion

Shell USA, a subsidiary of Shell, has agreed to acquire all the limited partner interests in Shell Midstream Partners it previously did not own, in a deal worth around 1.96 billion dollars. A subsidiary of Shell USA currently owns 269,457,304 shares, or 68.5 percent stake in Shell Midstream Partners.

Under the terms of the agreement, Shell USA will acquire all the remaining common units representing limited partner interests in Shell Midstream Partners, which are held by the public, by paying 15.85 dollars per share in cash.

Shell Midstream Partners owns pipelines and other midstream and logistics assets in the United States. This transaction is planned to be closed in the fourth quarter of 2022 and is subject to customary closing conditions.

In a statement, Shell USA said a subsidiary of Shell USA, and as the holder of a majority stake in SHLX common units, has now delivered its consent to approve the transaction with the execution of the merger agreement. Shell USA said as a result, SHLX has not solicited, and is not soliciting, the approval of the transaction by any other shareholders of SHLX common units.

Shell had offered to acquire Shell Midstream Partners in February 2022 to streamline the governance of the assets and optimizing the pipeline portfolio while decreasing the costs.

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