Marathon Petroleum Corporation and Andeavor announced today that they have entered into a definitive merger agreement, wherein Marathon Petroleum will acquire Andeavor outstanding shares for $23.3 billion of equity value and total enterprise value of $35.6 billion. This transaction is expected to create a leading nationwide integrated refining, marketing, and midstream energy company with an initial enterprise value greater than $90 billion.
At the close of the transaction, Gregory J. “Greg” Goff, the current chairman, president and chief executive officer of Andeavor will join Marathon’s Chairman and Chief Executive Officer Gary R. Heminger as executive vice chairman at Marathon. Along with three other directors from Andeavor, Goff will also join Marathon’s board of directors.
The headquarters for the combined company will remain in Findlay, Ohio, while the business will maintain a corporate office at Andeavor’s current headquarters in San Antonio, Texas.
The transaction is expected to close in the second half of the calendar year, 2018, and is subject to customary regulatory conditions and the approval of both Marathon’s and Andeavor’s shareholders.
