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News & Insights

MarkWest Energy Partners’s $21 Billion Merger with MPLX‎

July 13, 2015

On July 13, 2015, MarkWest Energy Partners, L.P. and MPLX LP announced they have signed a definitive merger agreement whereby MarkWest would merge with, and become a wholly owned subsidiary of, MPLX. The combined companies are expected to have a combined market capitalization of $21 billion. Cravath is representing MarkWest in connection with this transaction.

The merger would be a unit‑for‑unit transaction, generally expected to be tax‑free, plus a one‑time cash payment to MarkWest unitholders, in which the common unitholders of MarkWest would receive 1.09 MPLX common units and a one‑time cash payment of approximately $3.37 per MarkWest common unit, for total consideration of $78.64 per MarkWest common unit, based on fully diluted units currently outstanding and the closing price of MPLX’s units on July 10, 2015. Marathon Petroleum Corporation, which is an affiliate of MPLX, is contributing the $675 million to fund the cash component of the merger consideration.

The Cravath team is led by partners Robert I. Townsend III and Richard Hall and includes associate Amanda R. Fenster on M&A matters; partners Andrew W. Needham and Christopher K. Fargo and associate Andrew T. Davis on tax matters; partner Eric W. Hilfers and associates Audry X. Casusol and Matthew J. Bobby on executive compensation and benefits matters; partner Matthew Morreale on environmental matters; and partners Christine A. Varney and Julie A. North on antitrust matters. Daniel S. Connelly also worked on M&A matters and Rachel J. Lamorte also worked on antitrust matters. Summer associate Ammanuel G. Gebeyehu also worked on M&A matters.

Related Practices & Industries

  • Corporate
  • Mergers and Acquisitions
  • Tax
  • Executive Compensation and Benefits
  • Environmental
  • Antitrust
  • Litigation
  • Antitrust

People

Photo
Name
Robert I. Townsend III
Title
Corporate
Title
Partner
Email
rtownsend@cravath.com
Phone
+1-212-474-1964
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    Education

    • J.D., 1990, Harvard Law School
      magna cum laude
    • A.B., 1987, Harvard College
      magna cum laude

    Admitted In

    • New York
    Photo
    Name
    Richard Hall
    Title
    Corporate
    Title
    Partner
    Email
    rhall@cravath.com
    Phone
    +1-212-474-1293
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      Education

      • LL.M., 1988, Harvard Law School
      • LL.B., 1986, University of Melbourne
        with Honors
      • B.Com., 1984, University of Melbourne
        with Honors

      Admitted In

      • New York
      Photo
      Name
      Christopher K. Fargo
      Title
      Tax
      Title
      Partner
      Email
      cfargo@cravath.com
      Phone
      +1-212-474-1236
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        Education

        • J.D., 2006, Columbia Law School
          Harlan Fiske Stone; Michael Lynne Scholar
        • B.A., 2003, Boston College
          Honors Program, cum laude

        Admitted In

        • New York
        Photo
        Name
        Eric W. Hilfers
        Title
        Executive Compensation and Benefits
        Title
        Partner
        Email
        ehilfers@cravath.com
        Phone
        +1-212-474-1352
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          Education

          • J.D., 1998, University of Chicago Law School
            with Honors
          • A.B., 1995, Princeton University

          Admitted In

          • New York
          Photo
          Name
          Matthew Morreale
          Title
          Corporate
          Title
          Partner
          Email
          mmorreale@cravath.com
          Phone
          +1-212-474-1534
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            Education

            • J.D., 1997, Columbia Law School
              Harlan Fiske Stone Scholar
            • M.S., 1994, University of Pennsylvania
            • B.A., 1990, University of Pennsylvania
            • B.A.S., 1990, University of Pennsylvania

            Admitted In

            • New York
            Photo
            Name
            Christine A. Varney
            Title
            Litigation
            Title
            Partner
            Email
            cvarney@cravath.com
            Phone
            +1-212-474-1140
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              Education

              • J.D., 1986, Georgetown University Law Center
              • M.P.A., 1982, Syracuse University
              • B.A., 1977, State University of New York, Albany

              Admitted In

              • New York
              • District of Columbia
              Photo
              Name
              Andrew W. Needham
              Title
              Tax
              Title
              Retired Partner
              Email
              aneedham@cravath.com
              Phone
              +1-212-474-9999
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                Education

                • M.B.A., 1992, The Wharton School of the University of Pennsylvania
                • LL.M., 1990, Georgetown University Law Center
                • J.D., 1986, Georgetown University Law Center
                • B.A., 1982, University of Arizona College of Law
                Photo
                Name
                Julie A. North
                Title
                Litigation
                Title
                Retired Partner
                Email
                jnorth@cravath.com
                Phone
                +1-212-474-9999
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                  Education

                  • J.D., 1989, Syracuse University College of Law
                    magna cum laude
                  • B.A., 1984, Hamilton College
                    cum laude

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