Buckeye Partners LP (NYSE: BPL) said that it has reached a merger agreement with Buckeye GP Holdings LP (NYSE: BGH) in an all-equity deal valued at $1.16 million. Buckeye Holdings owns the general partner of Buckeye Partners.

The two companies said that the merger will cut Buckeye Partners’ quarterly distribution payouts and the capital costs of both companies.

"We are pleased that the boards of both partnerships have agreed to combine the two partnerships into a single entity," stated Forrest E. Wylie, Chairman and CEO. "Subject to board approval, we expect to continue BPL's pattern of quarterly distribution increases. Furthermore, with the elimination of BGH's incentive distribution rights, distribution increases could accelerate in the future as the benefits of the merger are realized. The current management team will remain in place and continues to be excited about the opportunities to grow the business."

Holders of Buckeye will receive 0.705 of a Buckeye Partner Unit. This will value Buckeye GP units at $41.01, a 32 percent premium over the closing price on Thursday. Roughly 20 million units will be issued as a part of the deal, which the companies forecast will dilute distributable cash flow per unit by 6 percent to 7 percent by next year.

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