IFM Investors’s $10.3 billion Acquisition of Buckeye Partners

Cravath is representing Buckeye. Vinson & Elkins served as tax counsel to Buckeye Partners

Buckeye Partners, L.P. and IFM Investors have entered into a definitive agreement under which the IFM Global Infrastructure Fund will acquire all of the outstanding public common units of Buckeye for $41.50 per common unit. The all-cash transaction is valued at $10.3 billion enterprise value and $6.5 billion equity value.

Buckeye Partners is a publicly traded master limited partnership which owns and operates a diversified global network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Buckeye is one of the largest independent liquid petroleum products pipeline operators in the United States in terms of volumes delivered, with approximately 6,000 miles of pipeline.

The Cravath team is led by partners Faiza J. Saeed and G.J. Ligelis Jr. and includes senior attorney Mark Mushkin and associates Daniel J. Cerqueira, Michael Zhang and Yiting Li on M&A matters; partners George E. Zobitz and Nicholas A. Dorsey and associates Kelly M. Smercina and Richard E. Schwartz on financing matters; partner Christopher K. Fargo and associates Richard Bohm and Arvind Ravichandran on tax matters; partner Eric W. Hilfers, senior attorney M.C. Tania Balthazaar, practice area attorney Michelle M. Garrett and associate Christopher C. Gonnella on executive compensation and benefits matters; partner Margaret Segall D’Amico and senior attorney Jesse M. Weiss on antitrust matters; partner Matthew Morreale and senior attorney Annmarie M. Terraciano on environmental matters; and practice area attorney Brian M. Budnick on real estate matters.

Vinson & Elkins served as tax counsel to Buckeye Partners, L.P. with a team led by partner Ryan Carney and included of counsel Price Manford, partners Jason McIntosh and Natan Leyva, and associates Christine Mainguy and Dan Henderson.

Involved fees earner: Tania Balthazaar – Cravath Swaine & Moore; Richard Bohm – Cravath Swaine & Moore; Brian Budnick – Cravath Swaine & Moore; Daniel Cerqueira – Cravath Swaine & Moore; Nicholas Dorsey – Cravath Swaine & Moore; Margaret Segall D’Amico – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Michelle Garrett – Cravath Swaine & Moore; Christopher Gonnella – Cravath Swaine & Moore; Eric Hilfers – Cravath Swaine & Moore; Yiting Li – Cravath Swaine & Moore; G.J. Ligelis Jr. – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore; Mark Mushkin – Cravath Swaine & Moore; Arvind Ravichandran – Cravath Swaine & Moore; Faiza Saeed – Cravath Swaine & Moore; Richard Schwartz – Cravath Swaine & Moore; Kelly Smercina – Cravath Swaine & Moore; Annmarie Terraciano – Cravath Swaine & Moore; Jesse Weiss – Cravath Swaine & Moore; Michael Zhang – Cravath Swaine & Moore; George E. Zobitz – Cravath Swaine & Moore; Ryan Carney – Vinson & Elkins LLP; Daniel Henderson – Vinson & Elkins LLP; Natan Leyva – Vinson & Elkins LLP; Christine Mainguy – Vinson & Elkins LLP; Price Manford – Vinson & Elkins LLP; Jason McIntosh – Vinson & Elkins LLP;

Law Firms: Cravath Swaine & Moore; Vinson & Elkins LLP;

Clients: Buckeye Partners;

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Author: Ambrogio Visconti