Deals
Marathon to Buy Gas-Rich MarkWest for $15.8 Billion
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The pipeline unit of refiner Marathon Petroleum Corp. plans to buy MarkWest Energy Partners LP for about $15.8 billion in stock and cash, the latest example of consolidation among companies that move and process fuel. Marathon rose to the highest since it debuted in 2011.
The $15.8 billion transaction represents a major expansion for Marathon, which created its pipeline unit MPLX LP in 2012, the year after it was spun out of producer Marathon Oil Corp. The refiner has more than doubled in value since then as processors reap the rewards from low crude prices brought on by the shale revolution.