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Western Midstream Partners LP agreed to acquire closely-held pipeline operator Brazos Delaware II for about $1.6 billion.
The deal, which is expected to close by the end of June, includes 900 miles (1,450 kilometers) of pipes as well as natural gas processing plants and related equipment in the prolific Delaware region of the Permian Basin, according to a statement from the buyer Wednesday.
Under the terms of the deal, Western will pay for the deal with about $800 million in cash and the rest in the form of company shares. Occidental Petroleum Corp. is Western’s largest investor, having acquired the business during its blockbuster takeover of Anadarko Petroleum in 2019.
Greenhill provided financial advice to Western, while Jefferies served as Brazos’ financial adviser.
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