PHILADELPHIA, March 18, 2011: Today, Buckeye Partners, L.P. (Buckeye) (NYSE: BPL) announced it has signed a definitive agreement with BP Products North America Inc. and its affiliates (BP) to acquire 33 refined petroleum products terminals (with a storage capacity of 10 million barrels) and approximately 1,000 miles of refined petroleum products pipelines. This will include BP's approximately 50% interest in Inland Corporation. The total transaction purchase price is $225 million.
Morgan Lewis advised Buckeye on the transaction. The team was led by Business and Finance Partners Benjamin Wills and Howard Meyers, with assistance from associates Eric Marcuson William "Trip" McMahon, Morgan McDevitt, and Danielle Moseley.