IFM Investors, through the IGM Global Infrastructure Fund, agreed to acquire Buckeye Partners LP, Houston, in an all-cash deal with an enterprise value of $10.3 billion and an equity value of $6.5 billion.
Buckeye owns and operates networks of integrated midstream assets including 6,000 miles of pipeline with more than 100 delivery locations and 115 liquid petroleum products terminals with aggregate tank capacity of more than 118 million bbl. Its network of marine terminals lies primarily in the East Coast and Gulf Coast regions of the US, as well as in the Caribbean.
The deal is complementary to IFM’s investments in energy infrastructure across North America, said Jamie Cemm, IFM executive director.
Closing of the deal, expected in this year’s fourth quarter, is subject to customary closing conditions, regulatory approvals, and approval of a majority of Buckeye unitholders.
