India, Feb. 28 -- MPLX LP (MPLX), a large-cap master limited partnership, announced Friday that it has signed a definitive agreement with affiliates of WhiteWater and Diamondback Energy to buy the remaining 55% stake in BANGL, LLC for $715 million.
Additionally, MPLX would make earnout payments up to a specified cap upon achievement of specific financial performance metrics.
The acquisition is immediately accretive and is expected to generate mid-teen returns for the partnership.
The transaction is expected to close in July 2025, subject to customary closing conditions.
The BANGL pipeline system currently transports up to 250 thousand barrels per day of natural gas liquids from the Permian basin of Texas to fractionation markets along t...