USA: Global Partners sells natural gas business to focus on fuel
Global Partners LP has announced the sale of its natural gas marketing and electricity brokerage businesses to Sprague Resources LP for approximately $17.3 million.
Global Companies LLC, a wholly subsidiary of Global Partners LP, has sold its natural gas marketing and electricity brokerage business to Sprague Resources LP as the company looks to concentrate on its gas station operations.
The $17.3 million transaction, subject to customary closing adjustments, is expected to close in the first quarter of 2017.
“The sale of our natural gas marketing and electricity brokerage businesses reflects our ongoing program to monetize assets that are not fundamental to our growth strategy,” said Mark Romaine, the Partnership’s Chief Operating Officer.
Global Partners continues to focus on optimizing and expanding its core retail and wholesale lines of business.
With approximately 1,500 locations, primarily in the Northeast, Global is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores.
