Marathon Petroleum Corp. and MPLX LP’s $8.1 Billion agreement for the dropdown of refining logistics assets

Baker Botts Represents Jefferies LLC acting as Financial Advisor to the Conflicts Committee of MPLX

Jefferies LLC acted as financial advisor to the Conflicts Committee (the “Conflicts Committee”) of the board of directors of MPLX GP LLC, the general partner of MPLX LP (the “Partnership”), in the drop-down of ownership interests in certain refining logistics assets and fuels distribution services from Marathon Petroleum Corporation (“MPC”) to the Partnership or its subsidiaries for total consideration of $8.1 billion. The assets include MPC’s ownership in: MPLX Refining Logistics LLC, representing 100% ownership interest in six entities, which own integrated tank farm assets that support MPC refinery operations, and MPLX Fuels Distribution LLC, which provides an extensive range of scheduling and marketing services that support MPC refinery and marketing operations. MPC has agreed to contribute these assets and services in exchange for $4.1 billion in cash and equity of the Partnership valued at approximately $4.0 billion. The equity to be issued will consist of 111.6 million common units and 2.3 million general partner units of the Partnership.

Baker Botts advised Jefferies with a team including Joshua Davidson (Picture) and Leslie Daniel.

 

Involved fees earner: Joshua Davidson – Baker Botts; Leslie Daniel – Baker Botts;

Law Firms: Baker Botts;

Clients: Jefferies;

 

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Author: Ambrogio Visconti