IFM investors completes Buckeye Partners acquisition
Industry superannuation fund owned IFM Investors has completed the purchase of US energy company Buckeye Partners.
It was the largest Australian cross border acquisition of a foreign company since BHP acquired Petrohawk in 2011.
Brett Himbury, IFM Investors chief executive, said IFM would actively lower carbon emissions at Buckeye to assist the firm’s next phase of the energy revolution and protect the investment long-term.
“In our experience, working to lower emissions is good for business and good for our investors,” Himbury said.
“As the largest owners of infrastructure in Australia, IFM has significant expertise now in responsible stewardship and we look forward to contributing more investment in infrastructure in Australia.”
Buckeye’s energy infrastructure assets included 6,000 miles of pipeline, with over 100 delivery locations and 115 liquid petroleum product terminals, and a network of marine terminals in the East and Gulf Coast regions of the US and Caribbean.
“Our priority is delivering great returns for members. We also know that long-term investment in infrastructure builds the productive capacity of the nation and generates employment,” Himbury said.
“We are committed to meeting community standards as investors in infrastructure the public relies upon and continuing to partner with federal and state governments.”
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
