Buckeye Partners, L.P. signed an agreement to acquire independent terminals network from Magellan OLP, L.P. for approximately $440 million on June 9, 2021. The sale is expected to close upon the receipt of required regulatory approvals. Magellan intends to use the proceeds from this transaction consistent with its stated capital allocation priorities, including potential equity repurchases. As part of the transaction, under a consent agreement with the Federal Trade Commission (FTC) Buckeye Partners is required to divest five fuel terminals and associated assets in South Carolina and Alabama; and seek prior approval for ten years. Agency Requires Buckeye Partners, L.P. and Magellan Midstream Partners, L.P. to Divest Fuel Terminals and Assets in 3 Local Markets to U.S. Venture, Inc. The proposed order also requires U.S. Venture, the divestiture buyer, to obtain prior approval from the Commission for a period of 3 years before transferring any of the divested assets to any buyer, and for a period of 7 additional years to any buyer with an interest in any light petroleum products terminal in any of the 3 relevant geographic markets. As of June 2, 2022, the required regulatory approval process for the sale of Magellan's independent terminals to Buckeye is nearing its conclusion, with the transaction expected to close on or around June 8, 2022. Ryan Carney of Vinson & Elkins LLP acted as legal advisor to Buckeye Partners, L.P. Benjamin R. Wills of Morgan, Lewis & Bockius LLP acted as legal advisor to Buckeye Partners, L.P. Stephen W. Lake of Gable & Gotwals acted as legal advisor to Magellan OLP, L.P.

Buckeye Partners, L.P. completed the acquisition of independent terminals network from Magellan OLP, L.P. for approximately $450 million on June 8, 2022. The consideration includes working capital adjustments.