MAGELLAN MIDSTREAM PARTNERS TO SELL INDEPENDENT TERMINALS NETWORK FOR $435 MILLION
“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,” - Michael Mears, chief executive officer. Magellan Midstream Partners LP has agreed to sell its independent terminals network. This is comprised of 26 refined petroleum products terminals with about 6 million barrels of storage, located primarily in the south eastern US, to Buckeye Partners LP for $435 million.
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“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,” said Michael Mears, chief executive officer. “We would like to express Magellan’s gratitude to all employees dedicated to these facilities for their contributions and efforts through the years.”
The sale is expected to close upon the receipt of required regulatory approvals. Magellan noted that it plans to use the proceeds from the transaction consistent with its stated capital allocation priorities. For more information visit www.magellanlp.com
