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Buckeye announces regulatory approvals and planned closing of pending acquisition

Oil & GasMidstreamInvestment

Buckeye Partners is a publicly-traded master limited partnership which owns and operates a diversified global network of integrated assets providing midstream logistic solutions


Image: Buckeye secures regulatory approvals for pending deal. Photo: Courtesy of Tumisu from Pixabay.

Buckeye Partners, L.P. (NYSE: BPL) today announced that all regulatory approvals required to complete the acquisition of Buckeye by entities affiliated with the IFM Global Infrastructure Fund previously announced on May 10, 2019 (the “proposed merger”) have been received. The merger agreement 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 July 31, 2019.

The completion of the proposed merger is currently expected to occur prior to market opening on Friday, November 1, 2019, subject to the provisions of the merger agreement, including the satisfaction or waiver of customary closing conditions. As previously announced, upon completion of the proposed merger, Buckeye’s outstanding limited partner unitholders will receive $41.50 per unit. In accordance with the terms of the merger agreement, if the completion of the proposed merger occurs on Friday, November 1, 2019 as currently expected, Buckeye’s general partner would not declare or pay a cash distribution for the quarter ended September 30, 2019.

Source: Company Press Release