Buckeye Partners has completed the sale of its equity interest in VTTI to Vitol Investment Partnership and IFM Investors for $975 million.
The sale was one of several actions Buckeye announced following the completion of its strategic review. In December 2018 the company closed the sale of a package of domestic pipeline and terminal assets to InstarAGF Asset Management following the strategic review.
Clark C. Smith, chairman, president and CEO of Buckeye, says: ‘The closing of this transaction represents the final step in our announced strategic review. The completion of these actions will serve to improve Buckeye’s financial flexibility, which, along with our advantaged portfolio of pipeline and terminal assets and attractive growth opportunities, are expected to provide attractive long-term returns for our unitholders.’