Chevron to buy out Noble Midstream in $1.32 billion deal

Chevron to buy out Noble Midstream in $1.32 billion deal
  • Clock-gray 18:36
  • calendar-gray 05 March 2021

Chevron Corp said on Friday it would buy the shares of pipeline operator Noble Midstream Partners LP, which it does not already own, in an all-stock deal valuing the company at $1.32 billion, a month after the U.S. oil major made a slightly smaller takeover offer, APA reports citing Reuters.

Under the new agreement, Noble Midstream’s shareholders will get 0.1393 Chevron share for each Noble Midstream unit they own, Chevron said.

Chevron, the second-largest U.S. oil producer, in October closed a $4.1 billion all-stock purchase of smaller rival Noble Energy, gaining a nearly 63% stake in Noble Midstream alongside large shale and international natural gas reserves.

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