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BRIEF-Phillips 66 Partners announces $2.4 billion acquisition
September 22, 2017 / 12:00 PM / in 3 months

BRIEF-Phillips 66 Partners announces $2.4 billion acquisition

Sept 22 (Reuters) - Phillips 66 Partners LP

* Phillips 66 Partners announces $2.4 billion acquisition

* Phillips 66 Partners LP - ‍deal expected to be immediately accretive to unitholders​

* Phillips 66 Partners LP - deal consists of ‍consideration of $1.7 billion consisting of cash, debt and partnership units​

* Phillips 66 Partners LP - ‍consideration for acquisition is $1.7 billion​

* Phillips 66 Partners - ‍total deal value includes $625 million in proportional non-consolidated, non-recourse Bakken pipeline debt and $100 million of MSLP debt​

* Phillips 66 Partners LP - ‍acquisition is expected to be immediately accretive to partnership and its unitholders​

* Phillips 66 Partners - ‍ reached deal with Phillips 66 to acquire its 25 percent interest in each of Dakota Access, Energy Transfer Crude Oil Company

* Phillips 66 Partners LP - ‍partnership will also issue $240 million in new PSXP units to Phillips 66​

* Phillips 66 Partners LP - deal‍ with Phillips 66 to also acquire its 100 percent interest in Merey Sweeny​

* Phillips 66 Partners-plans to fund deal through combination of debt, proceeds from private placement of equity units, PSXP units issued to Phillips 66

* Phillips 66 - ‍in connection with MSLP deal, co will enter 15-year tolling agreement that includes base throughput fee, minimum volume commitment from co

* Phillips 66 Partners - ‍reached agreement with Phillips 66 to acquire 25 percent interest in Bakken Pipeline, 100 percent interest in Merey Sweeny​ Source text for Eikon: Further company coverage:

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