Buckeye Partners to Be Acquired for $10.3 Billion
Buckeye Partners, which owns and operates one of the largest diversified networks of integrated midstream assets in North America, has agreed to be acquired by IFM Investors in an all-cash transaction with an enterprise value of $10.3 billion.
Under the definitive agreement, IFM’s Global Infrastructure Fund will acquire all of the outstanding public common units of Buckeye for $41.50 per common unit. The price represents a 27.5% premium to Buckeye’s closing unit price on Thursday and a 31.9% premium to its volume-weighted average unit price since Buckeye announced a series of strategic actions to strengthen its financial position last November.
The merger, which was unanimously approved
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