Shell Midstream Partners LP (NYSE: SHLX) is spending $630 million to acquire pipeline assets from subsidiaries of Royal Dutch Shell PLC (NYSE: RDS-A, RDS-B).
The so-called drop-down deal is expected to close on or around May 10. Shell Midstream, a master limited partnership, plans to fund the deal with a combination of borrowings under existing credit facilities and cash on hand, according to a May 5 press release.
The deal gives Shell Midstream a 100 percent interest in the following assets:
Shell’s MLP acquires pipelines in $630M drop-down deal syndicated post