Buckeye Partners, L.P.’s $10.3 Billion Acquisition by IFM Investors

On May 10, 2019, Buckeye Partners, L.P. (“Buckeye”) and IFM Investors announced that they 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. Cravath is representing Buckeye in connection with the transaction.

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 T. Segall 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.