April 6, 2018 [Hydrocarbon Engineering] - Sunoco LP has announced the execution of a definitive agreement to purchase certain assets from Superior Plus Corp. for approximately US$40 million, plus working capital adjustments.
The assets consist of a network of approximately 100 dealers, several hundred commercial contracts and three terminals, which are connected to major pipelines serving the Upstate New York market.
The wholesale fuels business sells approximately 200 million gal. of fuel per year through multiple channels. The three terminals have a combined 17 tanks with 429 000 bbls of storage capacity.
The acquisition is consistent with Sunoco’s strategy of utilising its scale to grow the core fuel distribution business and adding fee-based refined product terminals into the overall portfolio. The acquisition is subject to customary closing conditions and is expected to close in April 2018.
The transaction is expected to be immediately accretive to Sunoco with respect to distributable cash flow.
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