Buckeye To Pay Hess $850M For Storage Terminal Unit

Law360, Los Angeles (October 9, 2013, 7:57 PM EDT) -- New York-based Hess Corp. on Wednesday reached an agreement to sell off its storage terminal network to Buckeye Partners LP for $850 million, the companies said, a move that furthers a slim-down strategy Hess initiated this year at the urging of an activist investor. 

Through the all-cash transaction, Houston-based Buckeye will acquire 20 liquid petroleum products terminals with a combined storage capacity of 39 million barrels, according to the companies. Nearly all the terminals are located in major metropolitan areas along the East Coast, with the...
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