Global Partners Strikes Purchase And Sale Deal For Planned Divestiture Of 31 Non-Tactical Retail Sites

Global Partners LP GLP revealed that, through a fully owned subsidiary, it has reached a Purchase, as well as Sale Agreement with Mirabito Holdings, Inc. of Binghamton, NY to sell to Mirabito 31 non-strategic gasoline stations and convenience stores located in New York and Pennsylvania.

Global Partners said that aside from these, the parties would strike long-term supply contracts for branded and unbranded gasoline and other petroleum products. The company added that the retail assets were acquired by the Partnership in January 2015 in connection with the acquisition of Warren Equities, Inc. and its subsidiaries. The transaction is expected to close in the third quarter of 2016 subject to customary due diligence.

The company's president and CEO, Eric Slifka, reacted to say, "The sale of these non-strategic sites reflects our ongoing strategy to streamline our retail portfolio and optimize our assets. This transaction, together with our previously announced plan to sell non-strategic retail locations in the Northeast and Mid-Atlantic through NRC Realty & Capital Advisors, is part of the approximately 125-site strategic divestiture program we outlined to investors earlier this year."