Buckeye Partners, L.P. (NYSE:BPL) signed a definitive agreement to acquire 50% stake in Vitol Tank Terminals International B.V. from VIP Terminals Finance B.V. for $1.2 billion on October 24, 2016. The purchase price is subject to customary adjustments at closing, including for certain distributions and other payments made by VTTI and its subsidiaries to VIP Terminals Finance and its affiliates from December 31, 2015 through the closing of the acquisition. VTTI will continue to operate as a stand-alone entity and post-completion, Vitol Tank Terminals International will be indirectly jointly owned with Vitol B.V. and Vitol Investment Partnership Limited. Buckeye and Vitol will have equal Board representation and voting rights in VTTI following the closing of the transaction. The existing management team and employees will remain in place to operate the assets. The acquisition is subject to the receipt of certain regulatory approvals, including the expiration of any waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the approval of Russian Federal Anti-Monopoly Service and customary closing conditions. As of November 15, 2016, the transaction received antitrust approval. The acquisition is expected to close on January 5, 2017. The transaction is expected to be immediately accretive to our distributable cash flow per limited partner unit in 2017 with significant accretion growth expected over time. Mark Young and Bill Cooper of Andrews Kurth Kenyon represented Barclays Capital Inc. as financial advisor to Buckeye and provided a fairness opinion to the Board of Directors of Buckeye GP LLC. Shaun Lascelles and Simon Rootsey of Vinson & Elkins RLLP and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to Vitol. Ryan Maierson, Debbie Yee, Simon Tysoe, Nick Dhesi, Emily Korinek, William Kronenberger, Seth Rasmussen, Lance Hancock, Maarten Overmars, Andrea Ramezan-Jackson, James Cole, Alice Fisher, Joseph Bargnesi, David Della Rocca, Nikhil Kumar and Sara Orr of Latham & Watkins LLP acted as legal advisors to Buckeye Partners. Ferdinand Hengst, Jan Wytze Haanstra, Ferdinand Hengst, Constantijn Voogt, Marloes Kienhuis and Ernest Meyer Swantee of De Brauw Blackstone Westbroek N.V. acted as the legal advisors to Vitol Investment. Citigroup USA Inc. acted as financial advisor to Vitol Tank Terminals International B.V. Buckeye Partners, L.P. (NYSE:BPL) completed the acquisition of a 50% stake in Vitol Tank Terminals International B.V. from VIP Terminals Finance B.V. on January 4, 2017. Khalid Muslih, Buckeye’s Executive Vice President and President, Global Marine Terminals, and Keith St.Clair, Buckeye’s Executive Vice President and Chief Financial Officer, will act as Buckeye’s representatives on the Board of VTTI and will be appointed to the Board of the general partner of VTTI Energy Partners LP.