Buckeye Partners, L.P. (BPL)

[crudeoil24]

Wow! Australians buy Buckeye Pipeline: Buckeye Partners L.P. (BPL) said Friday it has agreed to be acquired by IFM Investors in an all-cash deal with an enterprise value of $10.3 billion and equity value of $6.5 billion. IFM will pay $41.50 per Buckeye unit, equal to a 27.5% premium over Buckeye's closing unit price on May 9, and a 31.9% premium over its volume-weighted average unit price since Nov. 1, the last trading before Buckeye said it was weighing strategic options. Buckeye owns a network of integrated midstream assets, including 6,000 miles of pipeline with over 100 delivery locations and 115 liquid petroleum products terminals with aggregate tank capacity of over 118 million barrels. The company's network of marine terminals is located mostly in the East Coast and Gulf Coast regions and the Caribbean. Buckeye shares jumped 27% on the news, but are down 22% in the last 12 months through Thursday, while the S&P 500 has gained 5.4%.

-Ciara Linnane; 415-439-6400; [e-mail]

(END) Dow Jones Newswires

May 10, 2019 08:58 ET (12:58 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.