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Phillips 66 to acquire remaining stake in partnership for $3.4 billion -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Phillips 66 station at Superior, Colorado (USA), July 27, 2017. REUTERS/Rick Wilking/File Photo

(Reuters] – Phillips 66, (NYSE:), announced on Wednesday that it will purchase remaining Phillips 66 Partners (NYSE ) units it doesn’t already own for $3.4 Billion. The refiner is trying to improve its governance and corporate structure.

Phillips 66 Partners was established by the refiner in order to acquire, own, operate and develop primarily fee-based, refined petroleum products, liquids pipelines, terminals, and other midstream assets.

Greg Garland, Chief Executive Officer of PSXP stated in a statement that he believes the acquisition will enable both PSX shareholder and unitholders to share in the creation of value through the combined entities. This is supported by Phillips 66’s strong financial position.

This all-stock deal is expected to be completed in the first quarter 2022. It will give each PSXP common owner 0.50 shares each of PSXX common stock.

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