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Friday, January 27, 2023

Chevron (NYSE: CVX) Inks Deal To Buy Noble Midstream Partners

Chevron Corporation (NYSE: CVX) disclosed Friday that it has inked an agreement with Noble Stream Partners (NASDAQ: NBLX) to purchase all the remaining shares of 33.925 million not already holds by Chevron Corporation. CVX is set to buy the NBLX in an all-cash transaction and as per the deal, NBLX would get 0.1393 shares of common stock of CVX in exchange for each Common Unit holds.

The Conflicts Committee of the Board consisted completely of individual directors who collectively endorsed the merger following discussion with its independent legal and financial advisors. Later, the board has provided authorization to the board.

The transaction is anticipated to execute in the Q2 of 2021. The execution of the contract will depend on certain usual authorizations. A wholly-owned unit of Chevron, as the possessor of a majority of the outstanding Common Units, has backed its units to authorize the deal. The financial advisor of Chevron is Citi. On the other hand, legal advisors Latham & Watkins LLP.

VP of Chevron Midstream and Chairman of the Board of Directors of the general partner of Noble Midstream Partners LP commented: “We believe this buy-in deal is the best solution for all investors. It allows the firm to streamline the management structure and secure value with the assistance of our top positions in the DJ and Permian basins.

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