IFM Investors Pty Ltd and Buckeye Partners, L.P. have announced the completion of the acquisition of Buckeye by entities affiliated with IFM, adding one of the largest diversified networks of integrated midstream assets to IFM’s substantial investments in energy infrastructure across North America.
Buckeye’s assets include 6000 miles of pipeline, with over 100 delivery locations and 115 liquid petroleum products terminals with aggregate tank capacity of over 118 million bbl, and a network of marine terminals located primarily in the East and Gulf Coast regions of the US, as well as in the Caribbean.
The acquisition is aligned with IFM’s focus on investing in high-quality, essential infrastructure assets that underpin the economies in which they operate.
“Buckeye represents a natural extension of IFM’s expertise in investing in, operating and growing essential midstream energy infrastructure in North America,” said Jamie Cemm, Executive Director for IFM. “Buckeye is a great company with a rich history, and we look forward to steering the team and company through the next phase of the US and global energy evolution.”
“The completion of this transaction marks a significant milestone in Buckeye’s 133-year history,” said Clark C. Smith, President and CEO of Buckeye. “This ownership structure will provide Buckeye with superior access to capital to execute on its long-term business strategy, and we look forward to working with IFM during this next chapter in Buckeye’s story.”
Read the article online at: https://www.tanksterminals.com/terminals/04112019/ifm-investors-completes-acquisition-of-buckeye-partners/