Buckeye Partners said it has agreed to buy a majority stake in the Caribbean's largest oil terminal from private equity firm First Reserve Corp. for $1.36 billion in cash and stock. Under the deal, Buckeye will own 80% of Bahamas Oil Refining Company International (BORCO), the fourth largest oil and petroleum products storage terminal in the world with current storage capacity of 21.6 million bbl. "This acquisition is a natural fit for Buckeye's core business and significantly expands our market reach by adding a global logistics hub to our portfolio of assets," said Buckeye Chief Executive Forrest Wylie.
展开▼
