MPLX LP (NYSE: MPLX) announced Feb. 27 it increased its interest in MPLX Pipe Line Holdings LP to 69% from 56% after a $310 million acquisition from a subsidiary of Marathon Petroleum Corp. (NYSE: MPC).

MPLX, based in Findlay, Ohio, increased its interest in Pipe Line Holdings by 13% in its second acquisition since its initial public offering in October 2012.

Pipe Line Holdings owns a 100% interest in Marathon Pipe Line LLC (MPL) and Ohio River Pipe Line LLC (ORPL). MPL and ORPL own one of the largest networks of common carrier crude oil and product pipelines in the U.S. based on total volume delivered; a barge dock on the Mississippi River; and crude oil and product storage facilities.

The transaction is expected to close effective March 1, and be immediately accretive to distributable cash flow. MPLX intends to fund the acquisition through a combination of $40 million of cash on hand and a $270 million borrowing on its $500 million revolving credit facility.

Evercore Partners was financial advisor and Akin Gump Strauss Hauer & Feld LLP was legal advisor to MPLX board's conflicts committee.