Shell Pipeline Co. made a non-binding offer to purchase all remaining common units held by the public representing limited partner interests in Shell Midstream Partners LP for $12.89 per common unit in cash.
Shell and its affiliates currently own about 68.5% of Shell Midstream Partners common units. The proposed transaction simplifies the governance of the assets, reduces costs, and provides flexibility, the company said in a Feb. 11 release.
The proposed transaction is subject to a number of contingencies, including the approval of the board of directors of SHLX and the satisfaction of any conditions set forth in any definitive agreement.
