Buckeye Partners to acquire 50% of VTTI for $1.15 billion
Buckeye Partners LP has agreed to acquire 50% equity interest in the holding company of VTTI BV for $1.15 billion. VTTI is a Vitol Group company.
The deal is expected to close in early January 2017. VTTI will be 50% indirectly owned by Buckeye and 50% indirectly owned by Vitol.
VTTI, through its subsidiaries and partnership interests, owns and operates 54 million bbl of petroleum product and crude oil storage capacity across 13 terminals on five continents.
Buckeye is a publicly traded master limited partnership that owns and operates a diversified network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, and marketing of liquid petroleum products. It has 6,000 miles of pipeline and a terminal network comprising more than 120 liquid petroleum products terminals with aggregate storage capacity of 110 million bbl.
VTTI will continue to be run as an independent, standalone company under the leadership of Chief Executive Officer Rob Nijst.