Global Partners Agrees To Acquire Warren Equities For About $383 Mln

(RTTNews) - Global Partners LP (GLP) announced that its Global Montello Group Corp. subsidiary has entered into a definitive agreement to acquire 100% of the equity interest in Warren Equities, Inc. The total consideration is approximately $383 million.

The company said it expects the acquisition to be accretive in the first full year of operations and closing is expected in the first quarter of 2015, subject to customary closing conditions and regulatory approvals.

Global, which has availability under its revolving credit facility to consummate the transaction, expects to finance the transaction longer term with approximately a 60/40 blend of debt and equity.

"Warren's portfolio of Northeast retail sites is an excellent strategic fit that complements our existing footprint in the region," said Eric Slifka, the Partnership's President and Chief Executive Officer. "This transaction provides a platform for Global to expand into the mid-Atlantic region, and leverage our expertise to drive customer traffic and store profitability throughout the network."