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