Global Partners LP (NYSE:GLP) entered into a definitive agreement to acquire Four refined-products terminals for approximately $210 million on December 15, 2022. The purchase price equates to $273 million in cash.

As of February 23, 2024, Pursuant to the A&R Purchase Agreement, all substantive material terms of the Original Purchase Agreement remain unchanged except: (a) the Seller?s refined-products terminal located in Portland, ME has been removed from the Gulf Transaction, and (b) the purchase price has been reduced to $212.3 million in cash, subject to certain customary adjustments. The deal was financed using revolving credit facility. The deal is subject to antitrust approval and regulatory bodies. The transaction is expected to close in H1 2023.

Christopher G. Cross and Justin Stolte of Latham & Watkins LLP acted as legal advisor to Gulf Oil L.P. Barclays Capital Inc. acted as financial advisor to Gulf Oil.

Global Partners LP (NYSE:GLP) completed the acquisition of Four refined-products terminals on April 9, 2024.