Buckeye Partners is to buy the independent terminals network owned by Magellan Midstream Partners for $435m.
The network is comprised of 26 refined petroleum products terminals with approximately 6 million barrels of storage located primarily in the southeastern United States.
“The sale of our independent terminals demonstrates Magellan’s continued focus on utilizing all available options, including optimization of our asset portfolio, to maximize unitholder value,” said CEO Michael Mears. “We would like to express Magellan’s gratitude to all employees dedicated to these facilities for their contributions and efforts through the years.”
Magellan intends to use the proceeds from this transaction consistent with capital allocation priorities.
The sale is expected to close upon the receipt of required regulatory approvals.
For more information visit: www.magellanlp.com