Global Partners LP will purchase Alliance Energy LLC for about $116 million to enter into supply of fuel through gasoline stations.The distributor of petroleum products will issue 5.85 million limited partner units to Alliance's shareholders and take the company's $180 million debt.The deal, expected to add to Global Partners' profit in the first year of operation, is expected to close in first quarter.Global Partners plans to increase its revolving credit facility by about $100 million in connection with the deal.
Global Partners LP is a master limited partnership engages in the wholesale and commercial distribution of refined petroleum products and natural gas and renewable fuels and also provides ancillary services to companies. Shares of GLP remained unchanged at $19.89. In the past year, the shares have traded as low as $16.43 and as high as $29.98. On average, 84973 shares of GLP exchange hands on a given day and today's volume is recorded at 0.
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