WALTHAM, Mass. -- Global Partners LP said that it has received notification of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to the proposed acquisition of Warren Equities Inc.
Global Partners announced in early October that, through its Global Montello Group Corp. subsidiary, it had entered into an agreement to buy 100% of the equity interest in Northeast petroleum marketer and Xtra Mart convenience store operator Warren Equities for approximately $383 million.
Warren Equities sells approximately 500 million gallons of fuel annually through approximately 520 retail locations. Based in Providence, R.I., the company operates 147 Xtra Mart convenience stores, markets fuel through 53 commissioned agent locations and supplies fuel to approximately 320 dealers.
The companies expect the transaction to close in the first quarter of 2015, subject to customary closing conditions.
A publicly traded master limited partnership (MLP), Waltham Mass.-based Global Partners is a midstream logistics and marketing company.
It owns, controls or has access to one of the largest terminal networks of refined petroleum products and renewable fuels in the Northeast, and 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. Global Partners is a leader in the purchasing, selling and logistics of transporting domestic and Canadian crude oil and other products by rail across its "virtual pipeline" from the mid-continent region of the United States and Canada to the East and West Coasts for distribution to refiners and other customers.
With a portfolio of approximately 900 locations primarily in the Northeast, Global Partners also is one of the largest independent owners, suppliers and operators of gas stations and convenience stores.
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