petro group buys 110 us gas stations

Acquisition set to be finished by the end of 2007.

Israel-based Petro Group Ltd. controlled by Arcadi Gaydmak through Ameris Holdings Ltd., has signed a memorandum of understanding to buy 110 U.S. gas stations and convenience stores

Coast for $60 million, plus inventory when the deal is closed, through its subsidiary GPM Investments LLC.

The stores in question are all located on the East Coast, according to Globes Online. The stores being acquired were not named.

The Petro Group plans to close the deal during the fourth quarter of the year. GPM intends to finance the acquisition from shareholders’ equity, bank credit and through a real estate investment trust that will buy 70 of the properties in a buy and leaseback deal, the report said.

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