Global Partners LP entered into an asset purchase agreement to acquire 25 Liquid Energy Terminals along the Atlantic Coast in the Southeast and Texas of Motiva Enterprises LLC for approximately $305 million.

Global Partners LP (NYSE:GLP) entered into an asset purchase agreement to acquire 25 Liquid Energy Terminals along the Atlantic Coast in the Southeast and Texas of Motiva Enterprises LLC for approximately $305 million on November 8, 2023. The purchase price will be funded with borrowings under Global?s revolving credit facility. The acquisition is subject to customary closing conditions, including regulatory approvals and is conditioned upon the satisfaction or waiver of customary closing conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and delivery of specified deliverables required by the Purchase Agreement, including without limitation a master terminalling services agreement (?MTSA?) between the Partnership?s subsidiary, Global Companies LLC, and the Seller, pursuant to which the Seller will receive storage and throughput services at the Terminal Facilities for twenty-five years post-closing and Global Companies LLC will receive minimum annual revenue commitments throughout the term of the MTSA.

The transaction is expected to close by year-end, 2023. Global expects the acquisition to be accretive to distributable cash flow per common unit in the first full year of operations, excluding the impact of first year transition-related expenses. BofA Securities acted as exclusive financial advisor to Global.