MPLX and Marathon Petroleum Corporation acquire MarkWest Energy for $20 billion, creating fourth-largest MLP
Clients Marathon Petroleum Corporation
Jones Day advised MPLX LP and Marathon Petroleum in MPLX's acquisition of MarkWest Energy Partners, L.P. Each MarkWest common unit received 1.09 MPLX common units and its pro-rata portion of the approximately $1.28 billion cash consideration. The total transaction is valued at approximately $20 billion, including the assumption of debt and other liabilities of approximately $4.2 billion. The transaction combines the nation's second-largest processor of natural gas and the largest processor and fractionator in the Marcellus and Utica shale plays with a rapidly growing crude oil and refined products logistics master limited partnership. The combination creates the fourth-largest MLP based on a market capitalization.
In addition to M&A representation, Jones Day provided tax and employee benefits advice regarding this transaction.