November 2, 2018 / 11:44 AM / a year ago

Buckeye Partners sells stake in Vitol-backed storage firm VTTI

LONDON (Reuters) - U.S. oil logistics firm Buckeye Partners is selling its 50 percent stake in Vitol-backed global energy storage company VTTI, the companies said on Friday, a move that will see existing shareholders Vitol and IFM Investors increase their stakes.

Buckeye said it would get $975 million in cash proceeds once the deal completes by the end of the year.

Global energy trader Vitol said in a statement it would retain a 50 percent stake with its investment vehicle Vitol Investment Partnership following the sale. Global institutional fund manager IFM would own the other 50 percent.

Reporting by Julia Payne; Editing by Edmund Blair

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