WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) has completed the previously announced sale of its natural gas marketing and electricity brokerage businesses to affiliates of Sprague Resources LP for approximately $17.3 million in cash, subject to customary closing adjustments.
“Completion of this transaction is another milestone in our continuing program to monetize non-strategic assets and focus our resources on areas that are fundamental to our long-term growth, such as our retail and wholesale lines of business,” said Mark Romaine, the Partnership’s Chief Operating Officer.
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.
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