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  • IFM Investors Completes Acquisition of Buckeye Partners, L.P.
    édité le 05/11/2019


IFM Investors Completes Acquisition of Buckeye Partners, L.P.
IFM Investors Pty Ltd and Buckeye Partners, L.P. 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 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, and a network of marine terminals located primarily in the East and Gulf Coast regions of the United States, 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 Chief Executive Officer 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.”
Transaction Details

The acquisition, which was announced in May 2019, received approval from Buckeye’s unitholders on July 31, 2019 and became effective on November 1, 2019.

Under the terms of the merger agreement, a wholly owned subsidiary of the IFM Global Infrastructure Fund (the “Fund”) advised by IFM merged with and into Buckeye (the “merger”), with Buckeye surviving the merger as a wholly owned subsidiary of the Fund. In the merger, all of the outstanding limited partnership units of Buckeye (other than certain excluded units) were converted into the right to receive $41.50 per limited partnership unit. The all-cash transaction is valued at $10.3 billion enterprise value and $6.5 billion equity value.

In connection with the closing of the transaction, effective today, trading of the Buckeye limited partnership units has been suspended on the New York Stock Exchange (“NYSE”), and Buckeye has requested that its limited partnership units be delisted from the NYSE.

About IFM Investors

IFM Investors is a global institutional funds manager with US$103 billion under its management as of 30 September 2019. Established more than 20 years ago and owned by 27 major pension funds, IFM Investors’ interests are deeply aligned with those of its investors. Investment teams in Europe, North America, Australia and Asia manage institutional strategies across infrastructure (equity and debt), debt investments, listed equities and private capital. IFM Investors is committed to the United Nations supported Principles for Responsible Investment and has been a signatory since 2008. IFM Investors has offices in nine locations; Melbourne, Sydney, New York, London, Berlin, Tokyo, Hong Kong, Seoul and Zurich.

About Buckeye Partners, L.P.

Buckeye Partners, L.P. owns and operates a diversified global network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Buckeye is one of the largest liquid petroleum products pipeline operators in the United States in terms of volumes delivered, with approximately 6,000 miles of pipeline. Buckeye also uses its service expertise to operate and/or maintain third-party pipelines and terminals and perform certain engineering and construction services for its customers. Buckeye’s global terminal network comprises more than 115 liquid petroleum products terminals with aggregate tank capacity of over 118 million barrels across its portfolio of pipelines, inland terminals and marine terminals located primarily in the East Coast, Midwest and Gulf Coast regions of the United States as well as in the Caribbean. Buckeye’s global network of marine terminals enables it to facilitate global flows of crude oil and refined petroleum products, offering its customers connectivity between supply areas and market centers through some of the world’s most important bulk storage and blending hubs.
Buckeye’s flagship marine terminal in The Bahamas, Buckeye Bahamas Hub, is one of the largest marine crude oil and refined petroleum products storage facilities in the world and provides an array of logistics and blending services for the global flow of petroleum products. Buckeye’s Gulf Coast regional hub, Buckeye Texas Partners, offers world-class marine terminalling, storage and processing capabilities.
Buckeye is also a wholesale distributor of refined petroleum products in certain areas served by its pipelines and terminals.


Origine : Communiqué IFM



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