Global Partners LP today announced that it has acquired a terminal in Boston Harbor from Global Petroleum Corp., a privately held affiliated company, for total consideration of $23.65 million, subject to customary post-closing adjustments. The facility, which has been leased to the Partnership by GPC for many years, has storage capacity of 2.1 million barrels of refined petroleum products, including heating oil, gasoline, distillates, diesel, kerosene and blendstocks. The Partnership is financing the transaction with available capacity under its revolving credit facility.
“This acquisition is a great opportunity to expand our portfolio of owned and operated terminals,” said Chief Operating Officer Mark Romaine. “This facility has been and will remain an integral part of the Global Partners infrastructure. The terminal enables us to continue to serve our marketing and throughput volumes in the region. We expect this transaction to be accretive in the first full year of operations.”
The terms of the transaction were unanimously approved by the Board of Directors of Global GP LLC, based on the unanimous approval and recommendation of the Board’s conflicts committee, which is composed entirely of independent directors.
