Buckeye Partners, L.P. (NYSE: BPL) is a publicly traded Master Limited partnership that owns and operates a diversified global network of integrated assets that provides Midstream logistics solutions, primarily in the transportation, storage, processing and marketing of liquid oil products. Buckeye is one of the largest independent operators of liquid petroleum products in the United States in terms of quantities delivered, with approximately 6000 miles of pipeline. Buckeye also uses its service expertise for the operation and/or maintenance of third-party pipelines and terminals, as well as for certain engineering and construction services for its customers. Buckeye`s global terminal network includes more than 115 liquid oil terminals with a capacity of more than 118 million barrels in our portfolio of pipelines, inland terminals and naval terminals, located primarily in major oil logistics centers in the East Coast, Midwest and Gulf Coast regions of the United States and the Caribbean. Buckeye`s terminals facilitate global flows of crude oil and refined petroleum products and provide customers with connectivity between supply areas and market centers through some of the world`s leading mass storage and blending centers. Buckeye Bahamas Hub, one of the world`s largest deposits of crude sea oil and refined petroleum products, offers a range of logistics and mixed services for the global flow of petroleum products. Buckeye`s Gulf Coast regional hub, Buckeye Texas Partners, offers first-class navy terminal, storage and processing functions. Buckeye is also a wholesaler of refined petroleum products in certain areas served by its pipelines and terminals. For more information about Buckeye, visit www.buckeye.com. Read the article online at: www.worldpipelines.com/business-news/04112019/acquisition-of-buckeye-partners-completed/ As part of the merger agreement, a wholly-subscribed subsidiary of the IFM Global Infrastructure Fund (the “Fund”), advised by IFM, merged with and with Buckeye (the “merger”), Buckeye having survived the merger as a wholly-related subsidiary of the fund.
As part of the transaction, all of Buckeye`s pending limited partnerships (with fewer than certain excluded entities) were converted to the right to obtain $41.50 per limited partnership. The cash transaction is valued at $10.3 billion in enterprise value and $6.5 billion in equity. HOUSTON, October 21, 2019 (GLOBE NEWSWIRE) — Buckeye Partners, L.P. (NYSE: BPL) announced today that all administrative approvals required to finalize the acquisition of Buckeye by companies linked to the IFM Global Infrastructure Fund were received on May 10, 2019 (the “proposed merger”). The merger agreement on the proposed merger and the proposed transactions were previously approved by the holder of the majority of Buckeye`s outstanding shares on July 31, 2019. The conclusion of the proposed merger is expected to take place prior to the opening of the market on Friday, November 1, 2019, subject to the provisions of the merger agreement, including the completion or waiver of normal closing conditions.