Magellan Midstream Partners is planning to sell its independent terminals network to Buckeye Partners for $435 million.
The network consists of 26 refined-petroleum-products terminals with 6 million barrels of storage, located primarily in the southeastern United States.
“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, CEO of Magellan.
The sale is expected to close following the necessary regulatory approvals.
