Magellan Midstream seeks sale of stake in Longhorn crude pipeline -sources [Reuters]
Magellan Midstream Partners L.P. Limited Partnership (MMP)
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Source: Reuters
Magellan Midstream seeks sale of stake in Longhorn crude pipeline -sources - Reuters 3 Min Read NEW YORK, June 25 (Reuters) - U.S. pipeline operator Magellan Midstream Partners is exploring the sale of a 35% stake in its Longhorn crude oil pipeline in Texas for as much as $2 billion, four people familiar with the matter said on Tuesday. The move would make Magellan the latest in a string of U.S. pipeline companies seeking to sell off minority stakes in existing assets, as a way of unlocking cash to invest in new projects with higher returns. Magellan is working with investment banks to sell the 35% stake in a new business unit which will contain the Longhorn pipeline and some storage assets on the Gulf of Mexico coast, according to the sources who spoke on condition of anonymity as the information is confidential. Magellan would continue to own the remainder, the sources added. The company is currently marketing the stake to long-term financial investors such as infrastructure and pen
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