bp and BP Midstream Partners LP (BPMP), on Tuesday, announced that a bp U.S. affiliate has completed the previously announced acquisition of all outstanding common units of BPMP that were not owned directly or indirectly by bp or its affiliates. With this transaction, BPMP has become a wholly-owned subsidiary of bp.
The company states, ‘Effective with the opening of markets today, BPMP’s common units will no longer be listed on the New York Stock Exchange (NYSE), and it will cease to be a publicly traded company.’
Bp, in December 2021, announced that they have entered into a definitive agreement for a bp U.S. affiliate to acquire all outstanding common units of BPMP and were expecting to complete the transaction
In line with bp’s strategy of becoming an integrated energy company, this transaction will deepen bp’s interests in, and simplifies the ownership and governance structure of, midstream assets that support integration and optimisation of its fuels value chain in the US.