Global Partners LP Acquires Remaining 50% of Alliance Energy for $100M

TL;DR

GLP buys out the other half of Alliance Energy for $100M, full control incoming.

AI Summary

Global Partners LP announced on July 15, 2024, that it has entered into a definitive agreement to acquire the remaining 50% interest in its affiliate, Alliance Energy LLC, for $100 million. This transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. The acquisition aims to consolidate full ownership and operational control of Alliance Energy, which is involved in the wholesale and retail distribution of refined petroleum products and related services.

Why It Matters

This acquisition allows Global Partners LP to gain full control of Alliance Energy, potentially leading to improved operational efficiencies and strategic decision-making in the refined petroleum products market.

Risk Assessment

Risk Level: medium — The acquisition involves a significant cash outlay and is subject to closing conditions, introducing financial and execution risks.

Key Numbers

• $100.0M — Acquisition Cost (Price Global Partners LP is paying for the remaining 50% of Alliance Energy LLC.)
• 50% — Acquired Stake (Percentage of Alliance Energy LLC being acquired by Global Partners LP.)

Key Players & Entities

• Global Partners LP (company) — Registrant
• Alliance Energy LLC (company) — Affiliate being acquired
• $100 million (dollar_amount) — Purchase price for Alliance Energy stake
• July 15, 2024 (date) — Date of report and announcement
• Third quarter of 2024 (date) — Expected closing period for the acquisition

FAQ

Key Financial Figures

• $0.59375 — clared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annuali
• $2.375 — cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the

Filing Documents

• tm2419384d1_8k.htm (8-K) — 29KB
• tm2419384d1_ex99-1.htm (EX-99.1) — 11KB
• tm2419384d1_ex99-1img001.jpg (GRAPHIC) — 17KB
• 0001104659-24-079709.txt ( ) — 283KB
• glp-20240715.xsd (EX-101.SCH) — 3KB
• glp-20240715_def.xml (EX-101.DEF) — 26KB
• glp-20240715_lab.xml (EX-101.LAB) — 36KB
• glp-20240715_pre.xml (EX-101.PRE) — 25KB
• tm2419384d1_8k_htm.xml (XML) — 6KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure On July 15, 2024, Global Partners LP (the "Partnership") issued a press release announcing that the Board of Directors of its general partner, Global GP LLC, declared a quarterly cash distribution of $0.59375 per unit ($2.375 per unit on an annualized basis) on the Partnership's 9.50% fixed-rate Series B preferred units for the period from May 15, 2024 through August 14, 2024. On August 15, 2024, the Partnership will pay such cash distribution to its Series B preferred unitholders of record as of the opening of business on August 1, 2024. A copy of the Partnership's press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information set forth in this Item 7.01 and in Exhibit 99.1 shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, unless the Partnership specifically states that the information is to be considered "filed" under the Exchange Act or incorporates it by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibit 99.1 Global Partners LP Press Release dated July 15, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. GLOBAL PARTNERS LP By: Global GP LLC its general partner Dated: July 15, 2024 By: /s/ Sean T. Geary Sean T. Geary Chief Legal Officer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR