Sunoco LP (SUN) late Tuesday said it has signed a definitive agreement to buy selected assets from Superior Plus Corp (SPB.TO) for approximately $40 million plus working capital adjustments.
The assets consist of a network of around 100 dealers, several hundred commercial contracts and three terminals connected to major pipelines serving upstate New York. The wholesale fuels business sells approximately 200 million gallons of fuel annually through multiple channels. The three terminals have a combined 17 tanks with 429 thousand barrels of storage capacity.
In prepared remarks, Sunoco said it expects the acquisition should close late this month, with the transaction seen as immediately adding to its distributable cash flow.