GableGotwals Advises Magellan Midstream in its $435 Million Sale to Buckeye Partners

GableGotwals represented Magellan Midstream Partners, L.P. in connection with its agreement to sell its independent terminals network comprised of 26 refined petroleum products terminals with approximately 6 million barrels of storage located primarily in the southeastern U.S. to Buckeye for $435 million. Magellan announced it intends to use the proceeds from this transaction consistent with its stated capital allocation priorities, including potential equity repurchases.

The transaction was led by shareholders Stephen W. Lake and Thomas J. Hutchison.