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BRIEF-Phillips 66 Partners to buy logistics assets for $1.3 bln

Oct 11 Phillips 66 Partners LP

* Announces $1.3 billion acquisition

* Deal expected to be immediately accretive to unitholders

* Acquisition includes 30 phillips 66 crude, products, and NGL logistics assets

* Phillips 66 to enter into long-term minimum volume commitments

* Upon closing, partnership will be entitled to receive cash earnings associated with acquired assets as of Oct. 1, 2016

* Says terms of transaction were approved by board of directors of general partner of Phillips 66 partners

* To acquire 30 crude, refined products and natural gas liquids (NGL) logistics assets

* Says terms of transaction were approved by board of directors of general partner of Phillips 66 Partners

* Phillips 66 will enter into 10-year terminaling and throughput agreements

* Partnership plans to fund acquisition with a combination of debt and $196 million in new PSXP units issued to phillips 66

* Reached agreement with Phillips 66 to acquire 30 crude, refined products and natural gas liquids logistics assets

* Assets to be acquired support Phillips 66's bayway, billings, borger and ponca city refineries Source text for Eikon: Further company coverage:

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