Global Partners to Acquire Crude Oil, Ethanol Facility for $95 Mln - Shares Up 3%, Off New High

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Global Partners LP ( GLP ) has signed an agreement to acquire 100% of the membership interests in a West Coast crude oil and ethanol facility near Portland, Oregon, from Cascade Kelly Holdings LLC. The total purchase price is expected to be approximately $95 million. The transaction includes a rail transloading facility serviced by the BNSF Railway, 200,000 barrels of storage capacity, a deepwater marine terminal, a 1,200-foot dock and the largest ethanol plant on the West Coast.

GLP also said that it expects to close its pending acquisition of a 60% interest in Basin Transload, LLC for approximately $80 million.

GLP is up 3.2% at $31.80 after clipping a fresh high, trading in a new 52-week range of $20.01 - $32.18.




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This article appears in: Investing , Commodities

Referenced Stocks: GLP

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