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.
Recommended Reading
Sitio Closes D-J Basin Deal, Looks to Defragment Minerals Space
2024-05-09 - Sitio Royalties closed its acquisition of 13,062 net royalty acres. CEO Chris Conoscenti has a strong pipeline of minerals acquisition opportunities.
Riley Exploration Permian Closes Delaware Basin Bolt-on
2024-05-08 - Riley Exploration Permian said it added 13,900 acres and up to 25 net locations in Eddy County, New Mexico.
CGG, Baker Hughes Sign MOU for CCS Projects
2024-05-08 - The memorandum of understanding between CGG and Baker Hughes will bring the companies’ complimentary skillsets together to explore carbon capture and sequestration solutions.
Equinor Acquires Stake in Standard Lithium Smackover Projects
2024-05-08 - Equinor’s transaction, completed effective May 7, includes interests in Standard Lithium’s flagship South West Arkansas Project and East Texas properties.
Pembina Cleared to Buy Enbridge's Pipeline, NGL JV Interests for $2.2B
2024-03-19 - Pembina Pipeline received a no-action letter from the Canadian Competition Bureau, meaning that the government will not challenge the company’s acquisition of Enbridge’s interest in a joint venture with the Alliance Pipeline and Aux Sable NGL fractionation facilities.