Magellan Midstream Partners L.P. (MMP) and Magellan Midstream Holdings L.P. (MGG) announced that a majority of the ownership of each partnership has approved the proposed capital structure simplification and related matters. At separate special unitholder meetings today, about 52% of MMP, or 35 million MMP units, and 59% of MGG, or 37 million MGG units, voted in favor of the simplification and related matters. In both meetings, at least 97% of the votes submitted were in favor of the simplification.
As a result of the simplification, Magellan Midstream will have just one publicly traded partnership, MMP, going forward.
MMP's management team will continue in their respective roles. Additionally, three independent members of the board of directors of MGG's general partner, Walter Arnheim, Robert Croyle and James Kempner, will join the board of directors of MMP's general partner.
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