IFM Investors, an asset manager with a focus on infrastructure, completed the acquisition of Buckeye Partners, owner, and operator of one of the largest networks of integrated midstream assets, for $10.3bn. The all-cash transaction is valued at $10.3bn EV and $6.5bn equity value. The acquisition price of $41.50 per unit, represents a 27.5% premium to Buckeye's closing unit price on May 9, 2019, and a 31.9% premium to Buckeye's volume-weighted average unit price since November 1, 2018, which is the last trading day before Buckeye's announcement of certain strategic actions. Buckeye's Board of Directors unanimously approved the proposed transaction with IFM. "This acquisition is aligned with IFM's focus on investing in high quality, essential infrastructure assets that underpin the economies in which they operate," Julio Garcia, Head of Infrastructure, North America of IFM.