Houston-based Buckeye Partners is acquiring a 50% stake in Inland Corporation and various terminals and pipelines from BP Products North America for $225 million. The deal comprises 33 refined petroleum products terminals and about 1,000 miles of pipelines in the Midwestern, Southeastern and Western U.S. Buckeye’s proposed acquisition of BP’s stake in Inland, which represents $60 million of the total deal price, is subject to Inland’s other shareholders’ existing rights of first refusal. The company, which owns and operates refined petroleum products pipeline systems, is expecting to close on the deal during the second quarter.
Click here for the release from Buckeye Partners.