A month after offering to buy the remaining shares of Noble Midstream Partners for $1.1 billion, majority shareholder Chevron Corp. is closing the deal at $1.32 billion, according to Reuters.
The all-stock deal translates to $14.55 per share of Noble Midstream, based on the closing price. The original offer valued the transaction at $12.47 per share. Noble Midstream’s unitholders will receive 0.1393 Chevron shares for each unit held under the new agreement, according to Chevron.
Noble Midstream Partners’ business is to own, operate, develop and acquire domestic midstream infrastructure assets. NBLX currently provides crude oil, natural gas and water-related midstream services, and owns equity interests in oil pipelines in the DJ Basin in Colorado and the Delaware Basin in Texas.
As of March 5, Chevron’s shares were up 2.4 percent at $107.39 in pre-market tr
