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Sixth Street Said to Buy $700 Million Stake in BP Pipelines JV

BP Pipelines, a transportation and delivery arm of BP Plc, has sold a 49% stake in a U.S. affiliate to investment firm Sixth Street, according to a person familiar with knowledge of the matter.

The sale of the stake in the affiliate, which includes pipelines tied to Whiting, the energy giant’s largest refinery, fetched about $700 million, the person said. It forms the basis of a joint venture for future midstream investments, the person said, asking not to be identified discussing confidential information.