Phillips 66 to acquire Phillips 66 Partners

Phillips 66 and Phillips 66 Partners have entered into a definitive agreement for Phillips 66 to acquire all of the publicly held common units representing limited partner interests in the partnership not already owned by Phillips 66 and its affiliates.

The transaction value of the units being acquired is about $3.4 billion based on Oct. 26 market closing prices of both companies.

Upon closing, expected in first-quarter 2022, the partnership will be a wholly owned subsidiary of Phillips 66 and will no longer be a publicly traded partnership.