Over 64% of the QEPM common units entitled to vote and held by unitholders other than QEP Midstream Partners GP LLC and its affiliates were cast in favor of the merger. TLLP, which indirectly holds all of QEPM's subordinated units, approved the merger by written consent. The merger required approval of at least a majority of the outstanding common units of QEPM held by unitholders other than QEPM GP and its affiliates.
Under the terms of the merger agreement, unitholders of QEPM (other than QEPM GP and its affiliates) are entitled to receive 0.3088 TLLP common units for each QEPM common unit. Cash will be paid to QEPM unitholders in lieu of any fractional units they otherwise would have been entitled to receive in accordance with the merger agreement.
Tesoro Logistics LP is a full-service logistics company operating primarily in the western and mid-continent regions of the US. TLLP owns and operates a network of over 3,500 miles of crude oil, refined products, and natural gas pipelines. TLLP also owns and operates 28 crude oil and refined products truck and marine terminals and has over 9 million barrels of storage capacity. In addition, TLLP owns and operates four natural gas processing complexes and one fractionation facility. TLLP is a Delaware limited partnership formed by Tesoro Corp. and is headquartered in San Antonio, Texas.