By OGJ editors
HOUSTON, June 19 -- Plains All American Pipeline LP, Houston, has agreed to buy Pacific Energy Partners LP of Long Beach, Calif., for $2.4 billion, including the assumption of debt and other costs.
The cash and stock transaction is expected to close by yearend.
The agreement calls for Pacific Energy to merge with Plains All American.
Plains All American operates about 15,000 miles of gathering and mainline pipelines that handle over 3 million b/d of crude oil in the US and Canada. Pacific Energy owns several oil pipeline and storage networks in both regions, operated in two main business units.
Pacific Energy's operating subsidiaries will be directly or indirectly owned by Plains All American. Plains All American's management team and board of directors will continue in their current roles and manage the combined company.