Buckeye Partners L.P. (BPL) will acquire Buckeye GP Holdings (BGH), the owner of its general partner, in a $1.14 billion all-stock deal.
For each share of Buckeye GP, shareholders will get 0.705 share of Buckeye partners. The deal is expected to close in the third quarter.
Buckeye Partners said it would issue about 20 million new shares as a result of the transaction.
Shares of Buckeye Partners were off 3% on news of the deal, while shares of Buckeye GP surged nearly 18% in Friday trading.