A bp U.S. affiliate has agreed to acquire all outstanding common units of BP Midstream Partners (BPMP) not already owned directly or indirectly by bp.
The buyout transaction is said to be worth more than $700 million.
In line with bp’s plans to become an integrated energy company, the transaction will deepen bp’s interests in midstream assets that support integration and optimization of its fuels value chain in the United States.
The transaction is expected to close in first quarter 2022.