(March 5): Chevron Corp said on Friday that it would buy the shares of Noble Midstream Partners LP it does not already own, in an all-stock deal that values the pipeline operator at US$1.32 billion, a month after making a slightly smaller offer.
Noble Midstream's unitholders will get 0.1393 Chevron shares for each unit held under the new agreement, Chevron said.
As of Chevron's Thursday closing price, the offer translates to US$14.55 per Noble Midstream share. The oil major's original offer, announced in February, envisioned Noble Midstream shareholders getting about US$12.47 per share.
The final value under the new deal, however, will depend on the price Chevron's shares are trading at when the deal closes, expected in the second quarter.
Chevron's shares were up 2.4% at US$107.39 in pre-market trading on Friday, boosting the deal value to about US$14.96 per Noble Midstream share. The pipeline operator's units were down marginally at US$15.
Chevron, the second-largest US oil producer, in October closed a US$4.1 billion all-stock purchase of smaller rival Noble Energy, gaining a nearly 63% stake in Noble Midstream, alongside large shale and international natural gas reserves.