WALTHAM, Mass. --Global Partners LP's wholly owned subsidiary Global Cos. LLC has signed a definitive agreement to sell its natural-gas marketing and electricity brokerage businesses to Sprague Resources LP for approximately $17.3 million in cash, subject to customary closing adjustments, the company said.
“The sale of our natural-gas marketing and electricity brokerage businesses reflects our ongoing program to monetize assets that are not fundamental to our growth strategy,” said Mark Romaine, the partnership’s COO. “We continue to focus on further optimizing and expanding our core retail and wholesale lines of business.”
The company expects the transaction to close in the first quarter of 2017.
Global Partners is a midstream logistics and marketing master limited partnership (MLP) that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast.
Global Partners also is one of the largest distributors of gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers in New England and New York.
And with approximately 1,500 locations, primarily in the Northeast, Global is one of the largest independent owners, suppliers and operators of gas stations and convenience stores.
The Waltham, Mass.-based company is also engaged in the transportation of crude oil and other products by rail from the mid-continental U.S. and Canada to the East and West Coasts for distribution to refiners and others.
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