Phillips 66 Reaches Agreement to Acquire Publicly Held Common Units of DCP Midstream, LP
Increases Phillips 66's economic interest in DCP Midstream, LP to 86.8%
Targeted operational and commercial synergies of at least $300 million
All-cash transaction expected to close in the second quarter of 2023
Phillips 66 (NYSE:PSX) and DCP Midstream, LP ("DCP Midstream") (NYSE:DCP) announced today that they have entered into a definitive agreement pursuant to which Phillips 66 will acquire all of the publicly held common units representing limited partner interests in DCP Midstream for cash consideration of $41.75 per common unit, increasing its economic interest in DCP Midstream to 86.8%.
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