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Global Partners’ (NYSE:GLP) decision to exclude a petroleum terminal in Maine from its agreement to purchase five terminals from Gulf Oil should help the deal obtain regulatory approval, the Federal Trade Commission said Tuesday.
Global Partners’ (GLP) purchase of the Maine terminal had raised antitrust concerns with the FTC and Maine’s Attorney General, who said the deal threatened to limit competition and increase prices for consumers who use heating oil and diesel fuel in the Portland, Maine, area.
In February, Global Partners (GLP) said it would amend the purchase agreement to exclude the terminal and reduce the purchase price to $212.3M from $273M.
The company initially agreed in December 2022 to buy five refined products terminals in Connecticut, Maine, Massachusetts and New Jersey.