MPLX buys added interest in Marathon Petroleum pipeline asset for $310M

|About: MPLX LP (MPLX)|By:, SA News Editor

MPLX agrees to acquire an additional 13% in MPLX Pipe Line Holdings from a subsidiary of Marathon Petroleum (MPC) for $310M, increasing MPLX's interest to 69% from its previous 56%.

Pipe Line Holdings owns a 100% interest in Marathon Pipe Line and Ohio River Pipe Line, which own one of the largest networks of common carrier crude oil and product pipelines in the U.S. based on total volume delivered, a barge dock on the Mississippi River, and crude oil and product storage facilities.

MPLX expects the deal to be immediately accretive to distributable cash flow.

MPC owns 23% of MPLX, which went public in Oct. 2012.