Global Partners acquires Alliance Energy in a deal expected to close in the first quarter of 2012.
Global Partners LP is acquiring Alliance Energy LLC, which operates 542 gas stations in New England, New York, New Jersey and Pennsylvania, for about $116 million, Reuters reported.
The deal is expected to close in the first quarter of 2012 and add to Global Partners’ profits in within the first year of operations. The distributor of petroleum products plans to issue 5.85 million limited partner units to Alliance’s shareholders and take the company’s $180 million debt. Global Partners also plans to increase its revolving credit facility by about $100 million in connection with the deal.
Alliance Members from the Slifka family, who own 95% of Alliance, also own the Global Partner’s unit, Reuters reported.