DALLAS, April 3, 2018 /PRNewswire/ -- Sunoco LP
(NYSE: SUN) ("Sunoco") announced today the execution of a
definitive agreement to purchase certain assets from Superior Plus
Corporation (TSX: SPB) for approximately $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 gallons of fuel
annually through multiple channels. The three terminals have a
combined 17 tanks with 429 thousand barrels of storage
capacity.
The acquisition is consistent with Sunoco's strategy of
utilizing 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.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master
limited partnership that distributes motor fuel to approximately
9,200 convenience stores, independent dealers, commercial customers
and distributors located in more than 30 states. SUN's general
partner is owned by Energy Transfer Equity, L.P. (NYSE:
ETE).
The information contained in this press release is available on
the Sunoco LP website at www.SunocoLP.com.
Forward-Looking Statements
This press release may include certain statements concerning
expectations for the future that are forward-looking statements as
defined by federal law. Forward-looking statements may be
identified by the use of the words "anticipates," "expects,"
"intends," "plans," "should," "could," "would," "may," "will,"
"believes," "estimates," "potential," "opportunity,"
"value-creating," "designed," "predict," "seek," "ongoing,"
"increases" or "continue" and variations or similar expressions.
Such forward-looking statements are subject to a variety of known
and unknown risks, uncertainties, and other factors that are
difficult to predict and many of which are beyond management's
control. An extensive list of factors that can affect future
results are discussed in the Annual Report on Form 10-K
filed by SUN and other documents filed from time to time with
the Securities and Exchange Commission. The partnership
undertakes no obligation to update or revise any forward-looking
statement to reflect new information or events.
Contacts
Scott Grischow
Senior Director – Investor Relations and Treasury
(214) 840-5660, scott.grischow@sunoco.com
Derek Rabe, CFA
Senior Analyst – Investor Relations and Finance
(214) 840-5553, derek.rabe@sunoco.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/sunoco-lp-announces-definitive-agreement-to-acquire-the-wholesale-fuel-distribution-and-terminal-business-from-superior-plus-corporation-300623778.html
SOURCE Sunoco LP
