Andeavor Announces Merger of MLPs and IDR Buy-In in Expected Move
As we expected, Andeavor Logistics has announced that it has agreed to acquire Western Refining Logistics for $1.8 billion, as well as eliminate its incentive distribution rights, or IDRs, via the issuance of 78 million units, worth about $3.8 billion. We will update our $59 fair value estimate to reflect these transactions, which are scheduled to close in the fourth quarter, but we don’t expect a material change, and we plan to maintain our narrow moat rating. We think the transactions make a l...
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