Global Partners LP acquired a terminal in Boston Harbor from privately held affiliated company Global Petroleum Corp. for a total consideration of $23.65 million, subject to customary post-closing adjustments. Global Petroleum leased the facility to the partnership for years before the transaction. It has storage capacity of 2.1 million barrels of refined petroleum products, including heating oil, gasoline, distillates, diesel, kerosene and blendstocks. Global Partners will finance the transaction with available capacity under its revolving credit facility.
In a statement, Global Partners COO Mark Romaine said, “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 Global GP LLC’s board of directors, based on the unanimous approval and recommendation of the board’s conflicts committee, which is made up of independent directors.
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