Global Partners Finalizes Sale of Natural Gas, Electricity Businesses
WALTHAM, Mass. — Global Partners LP completed sale of its natural gas marketing and electricity brokerage businesses to affiliates of Sprague Resources LP.
Global Partners announced the $17.3-million cash deal in early January, as CSNews Online previously reported.
"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.
Waltham-based 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 Partners 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 Partners is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores.