Global Partners to acquire
terminals from Warex
Aug 18, 2009 10:47 AM
Global Partners LP, a wholesale supplier of refined petroleum products in the Northeast, announced the signing of a definitive agreement to acquire three terminal facilities from Warex Terminals Corporation Inc for $47.5 million.
The terminals, located in Newburgh NY, have a combined gasoline and distillate storage capacity of 950,000 barrels. Under terms of the agreement, Global and Warex plan to enter into a long-term throughput contract that allows Warex to use the terminals to service its existing business and conduct future wholesale activities. The acquisition is scheduled to close in fourth quarter 2009, subject to receipt of certain regulatory approvals and other customary closing conditions. Although other options could be considered, Global Partners expects to finance the acquisition through bank debt.
Warex is one of the Northeastís largest independent distributors of gasoline and distillates. It is a subsidiary of Warren Equities Inc, a privately held company based in Providence RI.
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