The merger agreements relating to the proposed merger and the transactions contemplated thereby were previously approved by the affirmative vote of the holders of a majority of Buckeye’s outstanding limited partner units on 31 July 2019. The completion of the proposed merger is currently expected to occur prior to market opening on 1 November 2019 subject to the provisions of the merger agreement, including the satisfaction/waiver of customary closing conditions.
As previously announced, upon completion of the proposed merger, Buckeye’s outstanding limited partner unit holders will receive US$41.50/unit. In accordance with the terms of the merger agreement, if the completion of the proposed merger occurs on 1 November 2019 as currently expected, Buckeye’s general partner would not declare or pay a cash distribution for the quarter ended 30 September 2019.
About Buckeye Partners, L.P.
Buckeye Partners, L.P. is a publicly traded, master limited partnership which owns and operates a diversified global network of integrated assets, providing midstream logistic solutions; these solutions primarily consist of the transportation, storage, processing and marketing of liquid petroleum products. Buckeye is one of the largest, independent, liquid petroleum products pipeline operators in the US in terms of volumes delivered, with approximately 6000 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 bbls across its portfolio of pipelines, inland terminals and marine terminals located primarily in key petroleum logistics hubs in the East Coast, Midwest and Gulf Coast regions of the US as well as in the Caribbean. Buckeye’s terminal assets facilitate global flows of crude oil and refined petroleum products, offering its customers connectivity between supply areas and market centres through some of the world’s most important bulk liquid storage and blending hubs. Buckeye’s wholly owned 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.
Read the article online at: https://www.worldpipelines.com/business-news/22102019/buckeye-announces-planned-closing-date-of-pending-acquisition/
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