Global Partners LP (NYSE: GLP) said Jan. 20 that it acquired a terminal in Boston Harbor that can store 2.1 million barrels of refined petroleum products from privately held affiliate Global Petroleum Corp. for about $24 million.
The transaction will be funded through revolving credit facility capacity, Global Partners said.
The board of directors at Global GP LLC approved the transaction’s terms based on recommendations from the boards’ conflicts committee.
The terminal had been leased to Global Partners for years, the company said. Products it can store include heating oil, gasoline, distillates, diesel, kerosene and blendstocks.
“This acquisition is a great opportunity to expand our portfolio of owned and operated terminals,” said CEO 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.”
Global Partners LP is a midstream MLP based in Waltham, Mass.
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