TULSA, Okla.Magellan Midstream Partners LP announced June 10 an agreement to sell its independent terminals network comprised of 26 refined petroleum products terminals with approximately 6 million barrels of storage located primarily in the southeastern U.S. to Buckeye Partners LP for $435 million.

“The sale of our independent terminals demonstrates Magellan’s continued focus on utilizing all available options, including optimization of our asset portfolio, to maximize unitholder value,” CEO Michael Mears said. “We would like to express Magellan’s gratitude to all employees dedicated to these facilities for their contributions and efforts through the years.”

The sale is expected to close upon the receipt of required regulatory approvals.

Magellan intends to use the proceeds from this transaction consistent with its stated capital allocation priorities.