trending Market Intelligence /marketintelligence/en/news-insights/trending/-V8Y8qBpqcycoaIwZ78Eew2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Magellan unloads marine terminals for $250M and authorizes share buybacks

Case Study: A Utility Company Efficiently Sharpens Its Focus on the Credit Risk of New Customers

Energy Evolution Podcast

Energy Evolution Why solar energy could get even cheaper

Energy Evolution Podcast

US energy officials push innovation to meet evolving energy needs

Energy Evolution Podcast

Energy futurist sees major challenges for renewables in next 30 years


Magellan unloads marine terminals for $250M and authorizes share buybacks

Magellan Midstream Partners LP will sell three marine terminals to Buckeye Partners LP for $250 million and repurchase up to $750 million of common units through 2022, the company announced Jan. 21.

"Optimization of our asset portfolio, including divestiture of facilities outside our strategic footprint, is an important element to maximize unit holder value and our strong financial position," Michael Mears, the president, chairman and CEO of Magellan's general partner, said in a statement. "In addition, we intend to opportunistically utilize additional tools, including the unit repurchase program announced today as well as potential special distributions, to accomplish our core goal of maximizing value for our investors."

Buckeye Partners was taken private by private equity firm IFM Investors Pty Ltd. in 2019.

The terminals are in New Haven, Conn.; Wilmington, Del.; and Marrero, La. The deal is expected to close in late first quarter or early second quarter. Jefferies served as financial adviser and GableGotwals served as legal counsel to Magellan.

The repurchase program does not obligate the partnership to acquire any particular amount of common units and may be suspended or discontinued at any time at Magellan's discretion.