Global Partners LP (NYSE: GLP) today announced 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.
As previously announced, the Partnership’s Global Montello Group Corp.
subsidiary entered into a definitive agreement to acquire 100% of the
equity interest in Warren Equities, one of the largest independent
marketers of petroleum products in the Northeast, from the Warren Alpert
Foundation. The total consideration is approximately $383 million,
subject to closing adjustments. The acquisition is expected to be
accretive in the first full year of operations.
The transaction is expected to close in the first quarter of 2015,
subject to customary closing conditions.
About Global Partners LP
A publicly traded master limited partnership, Global Partners LP is a
midstream logistics and marketing company. Global 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 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 U.S. 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 also is
one of the largest independent owners, suppliers and operators of
gasoline stations and convenience stores. In addition, Global is a
distributor of natural gas and propane. Global is No. 146 in the Fortune
500 list of America’s largest corporations. For additional information
visit www.globalp.com.
Forward-looking Statements
This news release may contain forward-looking statements.
Forward-looking statements include, without limitation, any statement
that may project, indicate or imply future results, events, performance
or achievements, and may contain the words “may,” “believe,” “should,”
“could,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “will
likely result,” or other similar expressions. In addition, any statement
made by Global Partners LP’s management concerning future financial
performance (including future revenues, earnings or growth rates),
ongoing business strategies or prospects and possible actions by Global
Partners LP or its subsidiaries are also forward-looking statements.
Although Global Partners LP believes these forward-looking statements
are reasonable as and when made, there may be events in the future that
Global Partners LP is not able to predict accurately or control, and
there can be no assurance that future developments affecting Global
Partners LP’s business will be those that it anticipates.
For additional information about risks and uncertainties that could
cause actual results to differ materially from the expectations Global
Partners LP describes in its forward-looking statements, please refer to
Global Partners LP’s Annual Report on Form 10-K and subsequent filings
the Partnership makes with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date on which they are made.
Global Partners LP expressly disclaims any obligation or undertaking to
update forward-looking statements to reflect any change in its
expectations or beliefs or any change in events, conditions or
circumstances on which any forward-looking statement is based.
Copyright Business Wire 2014