December 18, 2019 / 8:03 AM / 2 months ago

Arko buys Empire fuel distribution business for $400 million

TEL AVIV (Reuters) - Israel’s Arko Holdings (ARKO.TA) said on Wednesday its subsidiary GPM is acquiring Empire Petroleum Partners’ fuel distribution activities in the United States for $400 million.

GPM will buy activities to supply fuel to 1,460 filling stations operated by third parties as well as retail operations that include 75 petrol stations and convenience stores.

Upon completion of the deal, GPM will operate 1,350 filling stations and convenience stores and supply fuel to 1,590 stations operated by others in 33 U.S. states.

The deal, expected to close in the first half of 2020, will double the amount of fuel GPM supplies annually to 2.2 billion gallons. GPM will finance the deal with a credit line from U.S. banks.

Reporting by Tova Cohen; Editing by Steven Scheer

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