Buckeye Partners to acquire terminals network from Magellan Midstream

Buckeye Partners LP will soon add a network of 26 refined petroleum products terminals and about 6 million bbl of storage to its assets through a deal with Magellan Midstream Partners LP.

The required regulatory approval process for the sale of Magellan's independent terminals to Buckeye is nearing its conclusion, and the deal is expected to close on or around June 8, Magellan said in a release June 2.

In a deal announced in June 2021, Magellan agreed to sell the independent terminals network, located primarily in the southeastern US, to Buckeye for $435 million.