Tesoro Logistics completes US gas merger with QEP Midstream
Tesoro Logistics and QEP Midstream Partners have completed their previously-announced merger, the companies announced on Wednesday.
As a result of the merger, QEP is now a wholly-owned subsidiary of Tesoro Logistics, and its common units will cease trading on the New York Stock Exchange.
Meanwhile, Tesoro's ommon units will continue to trade on the New York Stock Exchange under the ticker symbol TLLP.
"We are pleased to announce the closing of the merger of QEPM into TLLP," said Greg Goff, CEO of TLLP's general partner. "This completes our acquisition of the Rockies natural gas business and allows us to continue forward with our integrated logistics strategy."
TLLP had previously purchased the general partner of QEPM as well as an approximately 56% limited partner interest in and all of the incentive distribution rights of QEPM on December 2, 2014.
Under the terms of the merger agreement, unitholders of QEPM (other than QEPM's general partner and its affiliates) are entitled to receive 0.3088 TLLP common units for each QEPM common unit.
Cash will be paid to QEPM common unitholders in lieu of any fractional units they otherwise would have been entitled to receive.
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