Buckeye Partners to acquire an independent terminals network of Magellan Midstream Partners for $435m.

Buckeye Partners, a distributor of petroleum, agreed to acquire an independent terminals network of Magellan Midstream Partners, a publicly traded partnership that primarily transports, stores and distributes refined petroleum products and crude oil, for $435m. The sale is expected to close upon the receipt of required regulatory approvals. "The sale of our independent terminals demonstrates Magellan's continued focus on utilizing all available options, including optimization of our asset portfolio, to maximize unitholder value. We would like to express Magellan's gratitude to all employees dedicated to these facilities for their contributions and efforts through the years," Michael Mears, Magellan Midstream Partners CEO.