Buckeye PG L.L.C. said today it bought Farm & Home Oil Co., of Telford for $145.5 million.
Farm & Home, founded in 1936, distributes refined petroleum products such as gasoline in eastern and central Pennsylvania. The acquisition is expected to close in the first quarter of 2008.
Buckeye said it would pay for the deal immediately through a loan and eventually by issuing more partnership units, or shares.
Buckeye, of Breinigsville, Lehigh County, is the general partner of Buckeye Partners L.P., an operator of petroleum pipelines and terminals whose units are traded on the New York Stock Exchange. They were up 21 cents in noon trading at $49.22.