- Buckeye Partners (NYSE:BPL) -3.7% AH after agreeing to acquire a 50% equity interest in VTTI’s global marine terminal business for $1.15B; the assets will be owned 50/50 with Vitol.
- VTTI is one of the largest independent global marine terminal businesses, owning and operating ~54M barrels of petroleum products storage across 13 terminals, located in mostly northwest Europe, the UAE and Singapore.
- To help fund the deal, BPL launches a 7.5M-unit public offering, with an underwriters option to purchase up to an additional 1.125M units.
- BPL also reports better than expected Q3 earnings on a 5% Y/Y revenue gain to $766M.