Phillips 66 completed an acquisition of publicly held common stock representing limited partner interests in DCP Midstream for $41.75 per common unit in cash, the company said in a June 15 press release.
The deal, previously announced in January, had a total cash value of approximately $3.8 billion.
Phillips 66’s economic interest in DCP Midstream is now raised to 86.8% as a result of this deal. DCP Midstream’s common units will no longer be listed on the New York Stock Exchange.
The Houston-based energy company holds interests in midstream, chemicals, refining and marketing and specialties businesses. DCP Midstream is an MLP with a portfolio including a variety of assets, including gathering, processing, logistics and marketing.
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