Global Partners LP to acquire 25 terminals from Motiva for $305.8M, boosting capacity 85%

GLOBAL PARTNERS LP

Purchase price of $305.8M cash for 25 refined product terminals with 8.4M barrel shell capacity.
Global's storage capacity to increase ~85% to 18.3M barrels; terminals along Atlantic Coast, Southeast, and Texas.
Transaction backed by a 25-year take-or-pay throughput agreement with Motiva, ensuring minimum annual revenue commitments.
Acquisition expected to close by year-end 2023, subject to HSR approval and customary conditions; funded via revolving credit facility.
Expected to be accretive to distributable cash flow per common unit in first full year, excluding transition expenses.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GLOBAL PARTNERS LP entered into Purchase Agreement with Motiva Enterprises LLC valued at $305.8 million (effective 2023-11-08).

Action: entry
Agreement: asset purchase
Counterparty: Motiva Enterprises LLC
Value: $305.8 million
Effective: 2023-11-08

Exact text from the filing

On November 8, 2023, Global Operating LLC (the " OLLC "), as Purchaser and Global Partners LP (the " Partnership "), as Guarantor, entered into an Asset Purchase Agreement (the " Purchase Agreement ") with Motiva Enterprises LLC (the " Seller ")

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GLOBAL PARTNERS LP filing history →

Source: SEC EDGAR

accession 0001157523-23-001698

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