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Phillips 66 to Acquire Phillips 66 Partners

Phillips 66 Announces Agreement to Acquire Phillips 66 Partners Background Image

Vinson & Elkins advised the Conflicts Committee of the Board of Directors of Phillips 66 Partners GP LLC, the general partner of Phillips 66 Partners LP (the “Partnership”), in connection with a definitive agreement for Phillips 66 to acquire all of the publicly held common units representing limited partner interests in the Partnership not already owned by Phillips 66 and its affiliates.

The transaction value of the units being acquired is approximately $3.4 billion based on Oct. 26, 2021 market closing prices of both companies.

The V&E corporate team was led by senior partner Alan Bogdanow and partner Peter Marshall and associates Cameron Land, Madison Bertrand and Leah Powers. Also advising were partner Jim Meyer and senior associate Brian Russell; counsel Sarah Mitchell; counsel Damien Lyster; counsel Brandon Tuck; partner Brian Bloom; partner Jeremy Marwell; and partner Craig Zieminski and counsel Robert Ritchie.

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