Marathon Petroleum Corp. said Friday it agreed to sell its general partner economic interest in MPLX LP, a master limited partnership formed to develop and acquire midstream energy assets, to MPLX in exchange for 275 million MPLX shares. Based on Thursday’s closing price for MPLX shares of $37.94, the deal is valued at $10.43 billion. After the deal’s closing, which is expected to be Feb. 1, 2018, Marathon will own about 64% of MPLX shares outstanding. Shares of Marathon and MPLX were still inactive in premarket trade. Marathon’s stock has gained 9.6% year to date, while MPLX shares have run up 28% and the S&P 500 has gained 18.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News