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MLPZ - BPL: What Does Buckeye's Buyout Mean For MLPs And Midstream?
UBS AG London Branch FR SP ETRACS REDEEM 12/02/2046 USD 25 - Ser B 90274D242
Buckeye Partners (BPL) announced this May 10 morning that it has agreed to be acquired by IFM Investors for $41.50 per unit in an all-cash deal expected to close in the fourth quarter of 2019 subject to customary closing conditions. The proposed acquisition price represents a 27.5% premium to BPL's closing price May 9. The $10.3-billion enterprise value ((EV)) of the transaction represents a 10.75x multiple to BPL's consensus 2020 EBITDA estimate of $957.8 million.
What are the implications for MLPs and midstream?
Today's transaction announcement has positive read-through for the rest of the MLP