Latham & Watkins Advises Phillips 66 in US$3.4 Billion Acquisition of Phillips 66 Partners

Phillips 66 (NYSE: PSX) and Phillips 66 Partners (PSXP or the Partnership) (NYSE: PSXP) have announced that they have entered into a definitive agreement for Phillips 66 to acquire all of the publicly held common units representing limited partner interests in the Partnership not already owned by Phillips 66 and its affiliates in a transaction valued at US$3.4 billion.

Latham & Watkins LLP represents Phillips 66 in the transaction with a corporate deal team led by Houston partner Thomas Brandt and Austin/Houston partner Bill Finnegan, with Houston associates Thomas Verity, Jonathan Villa, Josh Blankenship, and Zek Zhang. Advice was also provided on tax matters by Houston partners Tim Fenn and Bryant Lee; on environmental matters by Houston partner Joel Mack and Los Angeles counsel Josh Marnitz; and on benefits and compensation by Washington, D.C. partner Adam Kestenbaum.