Magellan Midstream Partners to sell independent terminals network for $435 million

Magellan Midstream Partners LP has agreed to sell its independent terminals network.

This is comprised of 26 refined petroleum products terminals with about 6 million barrels of storage, located primarily in the south eastern US, to Buckeye Partners LP for $435 million.

The sale is expected to close upon the receipt of required regulatory approvals.

Magellan noted that it plans to use the proceeds from the transaction consistent with its stated capital allocation priorities.

For more information visit www.magellanlp.com