Andeavor Logistics’ $14 Billion Sale to MPLX
May 8, 2019
Cleary Gottlieb represented Goldman Sachs, which acted as exclusive financial advisor to the conflicts committee of Andeavor Logistics, in the merger announced by Marathon Petroleum Corp., MPLX LP, and Andeavor Logistics whereby MPLX will acquire Andeavor Logistics in a unit-for-unit transaction at a blended exchange ratio of 1.07x.
The acquisition represents an equity value of approximately $9 billion and an enterprise value of $14 billion for the acquired entity. The transaction has been approved by all three boards of directors. Subject to customary closing conditions and regulatory approvals, the transaction is expected to close in the second half of 2019.
For more information, please see the press release here.