Chevron Corp., the majority shareholder of Noble Midstream Partners, has offered to acquire the remaining shares that it does not already own in a $1.13 billion merger transaction.
The merger will include the exchange of shares of common stock of Chevron, at a value of $12.47 per unit.
Shares of Noble increased 6.6 percent in premarket trading after Chevron proposed the offer on Friday, according to Market Watch.
Chevron expects the proposed transaction to align long-term interests by efficiently combining two highly integrated businesses while streamlining governance of the NBLX assets, which primarily serve Chevron as its largest customer.
According to Chevron, the deal is subject to negotiations and approval by Noble’s board of directors. There is no guarantee that an agreement will be reached or that a deal will commence.
Noble Midstream Partners’ business is to own, operate, develop and acquire domestic midstream infrastructure as
