Magellan Midstream to sell independent terminals for $435M

Magellan Midstream Partners recently agreed to sell its independent terminals network to Buckeye Partners for $435 million.

The independent network is comprised of 26 refined petroleum products terminals with approximately 6 million barrels of storage located primarily in the southeastern U.S.

“The sale of our independent terminals demonstrates Magellan’s continued focus on utilizing all available options, including optimization of our asset portfolio, to maximize unitholder value,” said Michael Mears, Magellan’s chief executive officer. “We would like to express Magellan’s gratitude to all employees dedicated to these facilities for their contributions and efforts through the years.”

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