The merger of QEP Midstream Partners LP (QEPM) and Tesoro Logistics LP (TLLP) was approved during a unitholder meeting in San Antonio on July 21, QEPM said that day.
More than 64% of QEPM’s common units, not held by QEP Midstream Partners GP LLC and affiliates, were cast in favor of the merger. TLLP, who indirectly holds all of QEPM's subordinated units, approved the merger by written consent. The merger required approval of at least a majority of QEPM’s outstanding common units.
Unitholders of QEPM can receive 0.3088 TLLP units for each QEPM unit. Cash will be paid to QEPM unitholders in lieu of any fractional units, the company said.
TLLP’s parent company, Tesoro Corp., is based in San Antonio, Texas.
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