Global Partners Divesting Natural Gas, Electricity Businesses
WALTHAM, Mass. — Global Partners LP has signed a definitive agreement to sell its natural gas marketing and electricity brokerage businesses to Sprague Resources LP in a $17.3 million cash deal.
"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," stated Chief Operating Officer Mark Romaine. "We continue to focus on further optimizing and expanding our core retail and wholesale lines of business."
The transaction is subject to customary closing adjustments and expected to close during the first quarter of 2017.
With approximately 1,500 locations, primarily in the Northeast, Global Partners is one of the largest independent owners, suppliers and operators of gas stations and convenience stores.