real-time news and commentary for investors
Wednesday, Oct 9
Buckeye Partners buys marine terminals for $850M, offers 6.5M units
- Buckeye Partners (BPL) agrees to acquire 20 liquid petroleum products terminals with total storage capacity of ~39M barrels from Hess (HES) for $850M.
- The 19 domestic terminals are located primarily in major metropolitan locations along the U.S. east coast with ~29M barrels of refined petroleum products storage capacity, including ~15M barrels of capacity strategically located in New York Harbor.
- To fund the purchase, BPL commences a public offering of 6.5M units.
- BPL -2.3% AH.