Global Partners has closed an acquisition of four liquid energy terminals  in New Jersey, Connecticut and Massachusetts in deals valued at $212.3 million.

Global Partners, a midstream and petroleum company, initially planned to purchase five terminals from Gulf Oil Ltd. Partnership for $273 million. However, after the deal was announced in December 2022, Global Partners amended its purchase agreement in response to concerns raised by the Federal Trade Commission and Maine’s attorney general.

At issue was an oil petroleum terminal in South Portland, Maine, that Global Partners agreed not to purchase, resulting in the acquisition tab falling by about $60.7 million.

Global said the four terminals it purchased have a combined shell capacity of approximately 3 MMbbl. They will expand Global’s ability to store and distribute gasoline, distillates and ethanol. Th acquisition aligns with Global’s strategy to acquire and invest in assets that allow the partnership to leverage scale from its integrated network in high demand markets, the company said in an April 9 press release.

“This acquisition further delivers on our commitment to strategic growth and our ability to identify and capitalize on assets that leverage our growing network,” said Eric Slifka, Global’s president and CEO.

Comments