WALTHAM, Mass.–(BUSINESS WIRE)–Global Partners LP (NYSE:GLP) (“the Partnership”) today announced that its wholly owned subsidiary, Global Companies LLC (“Global”), 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 transaction is expected to close in the first quarter of 2017.
“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 Chief Operating Officer. “We continue to focus on further optimizing and expanding our core retail and wholesale lines of business.”
About Global Partners LP
Global Partners is a midstream logistics and marketing master limited partnership that owns, controls or has access to one of the largest terminal networks of petroleum products and renewable fuels in the Northeast. Global 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. With approximately 1,500 locations, primarily in the Northeast, Global is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores. The Partnership 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. Global is No. 276 in the Fortune 500 list of America’s largest corporations. For additional information, visit www.globalp.com.