BPMP BP Midstream Partners LP

By Michael Dabaie

BP PLC said a U.S. affiliate would acquire all outstanding common units of BP Midstream Partners LP that BP doesn't already own in an all-stock deal.

The company said this represents 47.8 million common units. Each unitholder would receive 0.575 of an American Depositary Share of BP.

BP ADRs closed Friday at $26.30 and were down 2%, to $25.77, in premarket trading.

The deal follows the offer made by BP in August to acquire the publicly traded units of BPMP. BP said it expects the transaction to close in the first quarter of 2022.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

December 20, 2021 08:48 ET (13:48 GMT)

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