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Magellan Midstream to sell three marine terminals

Published by , Editorial Assistant
Tanks and Terminals,

Magellan Midstream Partners, LP has announced an agreement to sell three marine terminals to Buckeye Partners, LP for US$250 million. The terminals are located in New Haven, Connecticut, Wilmington, Delaware and Marrero, Louisiana, in the US.

“Magellan remains focused on capital discipline and managing our business for the long term,” said Michael Mears, CEO. “Optimisation of our asset portfolio, including divestiture of facilities outside our strategic footprint, is an important element to maximise unitholder value and our strong financial position.”

Mears continued, “I would also like to personally and on behalf of the organisation express our gratitude for the contributions from all employees supporting these facilities through the years and during this time of transition.”

The sale is expected to close by late 1Q20 or early 2Q20, subject to regulatory approvals.

The partnership intends to provide 2020 financial guidance as part of its 4Q19 earnings release on 30 January but does not expect the terminals sale to have a material impact on its future financial results.

Jefferies served as financial advisor and GableGotwals served as legal counsel to Magellan in connection with the transaction.

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