An Australian investment firm is buying Houston pipeline firm Buckeye Partners for $6.5 billion. Buckeye Partners has struggled in recent years and made the decision to sell to IFM Investors in an all-cash deal.
Buckeye owns about 6,000 miles of petroleum pipelines and operates 115 terminals and storage tanks along the East Coast and the Gulf Coast.
No operations are in Oklahoma and the company’s closest operations are three terminals in Missouri where it has a capacity of 1,767 Mbbls. Five terminals are also located in Iowa.
IFM is a global firm with a U.S. headquarters in New York that is owned by a group of Australian pension funds for nonprofit firms. IFM manages about $90 billion of assets, including nearly $40 billion in infrastructure projects like pipelines and toll roads.
