Buckeye Partners to acquire 50% of VTTI for $1.15 billion

Buckeye Partners LP has agreed to acquire 50% equity interest in the holding company of VTTI BV for $1.15 billion. VTTI is a unit of Vitol Group.

The deal is expected to close in early January 2017. VTTI will be 50% indirectly owned by Buckeye and 50% indirectly owned by Vitol.

VTTI, through its subsidiaries and partnership interests, owns and operates 54 million bbl of petroleum product and crude oil storage capacity across 13 terminals on five continents.

Buckeye is a publicly traded master limited partnership that owns and operates a diversified network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, and marketing of liquid petroleum products. It has 6,000 miles of pipeline and a terminal network comprising more than 120 liquid petroleum products terminals with aggregate storage capacity of 110 million bbl.

VTTI will continue to be run as an independent, standalone company under the leadership of Chief Executive Officer Rob Nijst.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Storm Impact Analytics for Utilities

In recent years, increasingly volatile and extreme weather events have significantly impacted the...

Reach New Heights: Six Best Practices in Planning and Scheduling

These 6 best practices have created millions of dollars in value for many global companies. Learn...

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...