Akin Gump Advises MPLX Conflicts Committee in Drop-Down Deal with Marathon Petroleum

(Houston) – Marathon Petroleum Corp. (MPC) and MPLX LP have executed definitive agreements for the contribution of MPC’s inland marine business to MPLX. In exchange, MPLX will issue equity to MPC valued at $600 million. MPLX expects 98 percent of the equity to be issued in the form of common units and the remainder in general partner units, at an approximate price of $26.09 per unit.

Pending customary closing conditions, the transaction is expected to close as of March 31.

Akin Gump advised the conflicts committee of the board of directors of MPLX’s general partner with a team that included oil and gas partners John Goodgame and Chris LaFollette; tax partners Alison Chen and Thomas Weir; and oil and gas associate Cynthia Angell.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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