Global Partners LP completed the acquisition of four refined-products terminals from Gulf Oil L.P.
April 09, 2024
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Global Partners LP (NYSE:GLP) entered into an purchase agreement to acquire four refined-products terminals from Gulf Oil L.P. for approximately $210 million on February 28, 2024. Purchase price is subject to certain customary adjustments to, primarily, take into account the actual amount of certain assets and liabilities related to target assets. Global Partners expects to finance the Gulf Transaction with borrowings under its revolving credit facility. Closing of the transaction is conditioned upon the satisfaction or waiver of customary closing conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, closing of the Pre-Closing Reorganization and delivery of specified deliverables required by the Purchase Agreement. Transaction is expected to close in the first half of 2023. Christopher G. Cross and Justin T. Stolte of Latham & Watkins LLP acted as legal advisors to Gulf Oil and ArcLight Capital Partners. Barclays Capital Inc. acted as financial advisor to Gulf Oil and ArcLight Capital Partners.
As of February 28, 2024 Pursuant to the A&R Purchase Agreement, all substantive material terms of the Original Purchase Agreement remain unchanged except: (a) the Seller?s refined-products terminal located in Portland, ME has been removed from the Gulf Transaction, and (b) the purchase price has been reduced to $212.3 million in cash, subject to certain customary adjustments.
Global Partners LP (NYSE:GLP) completed the acquisition of four refined-products terminals from Gulf Oil L.P. on April 9, 2024.
Global Partners LP owns, controls, or has access to terminal networks of refined petroleum products and renewable fuels in Massachusetts, Maine, Connecticut, Vermont, New Hampshire, Rhode Island, New York, New Jersey and Pennsylvania. Its segments include Wholesale, Gasoline Distribution and Station Operations (GDSO) and Commercial. Wholesale segment engages in the logistics of selling, gathering, blending, storing and transporting refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane. In GDSO segment, gasoline distribution includes sales of branded and unbranded gasoline to gasoline station operators and sub-jobbers. Station operations include convenience store sales, rental income from gasoline stations leased to dealers and sundries. Commercial segment includes sales and deliveries to end user customers in the public sector and to commercial and industrial end users of unbranded gasoline, home heating oil, kerosene, residual oil and bunker fuel.