Chevron Floats Offer To Acquire Noble Midstream Partners - Quick Facts

(RTTNews) - Chevron Corp. (CVX) announced Friday that it has submitted a non-binding proposal to the Board of Directors of Noble Midstream GP LLC, the general partner of Noble Midstream Partners LP (NBLX), to acquire all of the publicly held common units representing limited partner interests in Noble Midstream Partners not already owned by Chevron and its affiliates.

Chevron is proposing to acquire the Common Units through a merger transaction in exchange for shares of common stock of Chevron, at a value of $12.47 per Common Unit.

Chevron expects the proposed transaction to align long term interests by efficiently combining two highly integrated businesses while streamlining governance of the Noble Midstream Partners assets, which primarily serve Chevron as its largest customer.

The agreement of definitive terms is subject to negotiations and approval by the Board of Directors of Noble Midstream Partners.