Petro Group Ltd. (TASE:PTGR), controlled by Arcadi Gaydmak through Ameris Holdings Ltd., has signed an memorandum of understanding (MOU) to buy 110 gas stations and convenience stores on the US East Coast for $60 million, plus inventory when the deal is closed, through its subsidiary GPM Investments LLC.
Petro Group expects to close the deal, after due diligence, during the fourth quarter. GPM will finance the acquisition from shareholders’ equity, bank credit, and through a real estate investment trust (REIT) that will buy 70 of the properties in a buy and lease-back deal.
GPM currently operates 280 gas stations and convenience stores in Connecticut, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, and North Carolina.
Published by Globes [online], Israel business news - www.globes.co.il - on August 15, 2007
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