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Magellan Midstream Partners To Sell Independent Terminals Network For $435 Mln

Magellan Midstream Partners L.P. (MMP) said that it agreed to sell its independent terminals network comprised of 26 refined petroleum products terminals with about 6 million barrels of storage located primarily in the southeastern U.S. to Buckeye Partners, L.P. for $435 million.

The sale is expected to close upon the receipt of required regulatory approvals.

Magellan noted that it plans to use the proceeds from the transaction consistent with its stated capital allocation priorities.

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