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3/5, 12:21 PM (Source: TeleTrader)
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Chevron to fully acquire Noble Midstream Partners

Chevron Corporation announced on Friday it has "entered into a definitive agreement" to buy all 33.925 million of the publicly held common shares of Noble Midstream Partners LP. The California-based company, which already owns a share in Noble Midstream, is set to take over full ownership following the deal that is expected to be closed in the second quarter.

The agreement will be concluded in an all-stock transaction with shareholders of Noble Midstream receiving 0.1393 of a share of common stock of Chevron per each unit owned, the statement said.

"We believe this buy-in transaction is the best solution for all stakeholders, enabling us to simplify the governance structure and capture value in support of our leading positions in the DJ and Permian basins," Vice President of Chevron Midstream Colin Parfitt commented on the acquisition.

Breaking the News / GA