Marathon Petroleum Corp. (NYSE: MPC) and MPLX LP (NYSE: MPLX) jointly announced they have entered into a definitive agreement to divest the St. Paul Park, Minnesota, and Mandan, North Dakota, refineries, inclusive of related midstream assets, to CVR Energy, Inc. (NYSE: CVI). Total purchase price is US$4.2 billion, plus inventory value and subject to purchase price adjustments. MPC will receive US$3.45 billion for the refining assets, excluding inventory value, and MPLX will receive US$750 million for the related midstream assets.
Latham & Watkins LLP advised the Conflicts Committee of MPLX in the transaction with a corporate team led by Houston partners Thom Brandt and John Greer, with associates Ziyad Barghouthy, Armaan Bhimani, and Riann Winget.* Advice was also provided on tax matters by Houston partner Tim Fenn, with associate Christopher Garza; on environmental matters by Los Angeles/Houston partner Joshua Marnitz, with associate Brian McCall; and on benefits and compensation matters by Washington, D.C. partner Adam Kestenbaum.
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