Shell midstream partners, l.p. announces elimination of incentive distribution rights and agrees to acquire additional assets from shell

Houston, feb. 28, 2020 (globe newswire) -- today, shell midstream partners, l.p. (nyse: shlx) (the “partnership” or “shlx”) announced it has signed an agreement with its general partner to eliminate all incentive distribution rights (“idrs”) and economic general partner (“gp”) interest in shlx. shlx has also entered into a purchase and sale agreement with affiliates of its sponsor, royal dutch shell plc (“shell”), to acquire (i) shell’s 79% interest in mattox pipeline company llc, which owns the mattox pipeline, and (ii) certain logistics assets at the shell norco manufacturing complex. as consideration for the assets and the elimination of idrs, the sponsor will receive 160 million newly issued shlx common units, plus $1.2 billion of series a perpetual convertible preferred units (the “preferred units”) at a price of $23.63 per unit.
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