Buckeye Partners to acquire marine terminals from Magellan Midstream

Buckeye Partners LP, Houston, has agreed to purchase three marine terminals from Magellan Midstream Partners LP for $250 million. The terminals are in New Haven, Conn.; Wilmington, Del.; and Marrero, La. 

Including the three terminals, Magellan owns and operates six terminals along coastal waterways with approximately 27 million bbl of aggregate storage capacity. Not included in the sale are terminals in Texas.

The sale is expected to close by late first quarter or early second quarter this year, subject to regulatory approvals.

Buckeye Partners LP, is owned by IFM Investors, following an all-cash deal with an enterprise value of $10.3 billion and an equity value of $6.5 billion that closed in November 2019 (OGJ Online, May 10, 2019). Prior to the acquisition, Buckeye reported owning and operating 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.