Phillips 66 said on Friday it acquired all publicly held units of DCP Midstream LP in a sweetened deal that values the pipeline operator at about $8.7 billion and will help bulk up the U.S. refiner’s natural gas liquids business.
The deal, the first major move by Mark Lashier who took over as chief executive of Phillips 66 in July last year, will double the company’s stake in DCP Midstream to 86.8 percent.
