Global law firm White & Case LLP has advised IFM Investors on an agreement to acquire Buckeye Partners, L.P. in an all-cash transaction valued at US$10.3 billion enterprise value and a US$6.5 billion equity value.
Buckeye owns and operates one of the largest diversified networks of integrated midstream assets, including 6,000 miles of pipeline with more than 100 delivery locations and 115 liquid petroleum products terminals with aggregate tank capacity of over 118 million barrels. Its network of marine terminals is located primarily in the East Coast and Gulf Coast regions of the United States, as well as in the Caribbean.
IFM is a pioneer and leader in infrastructure investing on behalf of institutional investors globally, with a 23-year track record of success. IFM has US$90 billion in assets under management, including US$39 billion in infrastructure, which it manages on behalf of more than 330 institutional investors, and takes a long-term approach to investing, with no pre-determined time divestiture horizon. IFM targets core infrastructure in developed markets and currently has interests in 32 investments across North America, Australia and Europe, including several midstream assets.
The White & Case M&A team was led by partners Jason Webber, Chang-Do Gong and Luke Laumann in New York, counsel Morgan Hollins in Houston, and associates Suni Sreepada, Arian Mossanenzadeh, Jackie LaBine, Kabir Phaguda, Tim Schultz, Brian Fetterolf and Robert Song. The White & Case financing team was led by partners Justin Wagstaff, Dan Nam, and Sherri Snelson in New York, counsel Marten Olsson, and associates Ester Chow, Rafael Roberti, and Leia Andrew. White & Case partner Henrik Patel and counsel Kenneth Barr and associate DeVoia Stewart in New York advised on executive compensation and employee benefits issues, while Houston partner Chad McCormick advised on MLP and other tax aspects of the transaction. White & Case partner Jane Rueger in Washington DC advised on the energy regulatory aspects of the transaction and DC-partner Farhad Jalinous and counsel Stacia Sowerby advised on Committee on Foreign Investment aspects.
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