Magellan Midstream Divests its Independent Terminals for $435M; Shares Jump 2.9%

Magellan Midstream Divests its Independent Terminals for $435M; Shares Jump 2.9%

Shares of Magellan Midstream Partners (MMP) gained 2.9% after the company inked a deal to sell its independent terminals network to Buckeye Partners for $435 million.

Magellan Midstream Partners is a publicly-traded company that primarily transports, stores, and distributes refined petroleum products and crude oil. It has access to nearly 50% of the refining capacity in the U.S.

Located in the south-eastern U.S., the terminal network includes 26 refined petroleum products terminals with approximately 6 million barrels of storage capacity. (See MMP stock analysis on TipRanks)