Global Partners announced the purchase of 190 retail gas stations located in Massachusetts, Rhode Island and New Hampshire. The gas stations are branded under the Mobil name and were purchased from Exxon Mobil (NYSE:XOM), which has decided to exit some of its downstream and marketing operations. The 190 stations sold a combined total of 370 million gallons of gasoline in 2009.
Global Partners paid $200 million and assumed the environmental liabilities associated with the operations. The company said that 42 of the gas stations are company operated and 148 are dealer operated.
Global Partners also obtained the rights to supply the 190 gas stations with gasoline and other products, and 31 other independently owned stations in the same 3 states. Global Partners said that 179 of the gas stations are in Massachusetts, 22 in Rhode Island and 20 in New Hampshire.
“We believe that the strategic value of this transaction comes from the significant new stream of income we expect to generate by supplying these 221 locations in New England with gasoline and diesel fuel through our supply and terminaling system. This transaction offers efficiencies and opportunities within our existing gasoline and diesel fuel wholesale supply business,” said Eric Slifka, the CEO of Global Partners.
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