Petrologistics LP (NYSE: PDH), alongside its general partner Petrologistics GP LLC, was acquired by Flint Hills Resources LLC, a subsidiary of Koch Industries Inc., the company said May 28.

The transaction is worth about $2.1 billion, the company said, noting that it is scheduled to close before the end of the year.

Flint Hills acquired PetroLogistics’ outstanding common units at $14 each, the company said, noting that units owned by its chairman, president and CEO Lindsay Goldberg would be acquired for $12 each.

The board of directors at Petrologistic’s general partner approved the merger, as did the board of Flint Hills, the company said. Additionally, Goldberg delivered written consent approving the transaction, the company noted.

He added, "Its capabilities are well aligned with our existing chemical and refining business. We look forward to welcoming PetroLogistics employees to Flint Hills Resources as we work together to build on their success."

Goldman Sachs & Co. (NYSE: GS) is Flint Hills’ financial advisor, and Jones Day is its legal advisor, the company said. Morgan Stanley & Co. LLC and Evercore Partners are Petrologistic’s financial advisors, the company added. Weil, Gotshal & Manges LLP and Vinson & Elkins LLP are its legal advisors.

Houston-based Petrologistics LP is a domestic-focused MLP that produces propylene.

Based in The Woodlands, Texas, Flint Hills Resources LLC is a refining, chemical and biofuels company.