Canada’s Alimentation Couche-Tard Inc. landed a deal to acquire 112 fuel and convenience stores in the southeastern US from Mapco Express Inc. after its Chilean parent decided to exit.
(Bloomberg) — Canada’s Alimentation Couche-Tard Inc. landed a deal to acquire 112 fuel and convenience stores in the southeastern US from Mapco Express Inc. after its Chilean parent decided to exit.
Couche-Tard, owner of the Circle K chain, said the transaction is contingent to a separate deal in which Mapco’s remaining locations will be sold to another firm. The Laval, Quebec-based company said the locations it’s buying are mostly in Tennessee, Alabama, Kentucky and Georgia. The real estate is predominantly owned, and the deal includes surplus property and a logistics fleet, according to a statement.
“We view the news positively, strengthening the Couche-Tard network with high quality sites in its core US market where it has the most opportunities to surface synergies,” RBC Capital Markets analyst Irene Nattel said in a note to investors.
The assets, owned by a division of Chile’s Empresas Copec SA, will be sold for about $725 million in the two deals, according to a filing sent late Thursday to Chile’s securities regulator. The other locations will be bought by Marvin Hewatt and Dustin Hewatt, shareholders of the convenience store operator Majors Management LLC, according to the filing.
About half of Couche-Tard’s 14,300 locations are spread across 47 states in the US. Last month, the company announced an agreement to buy more than 2,000 gasoline stations in Europe from TotalEnergies SE for $3.3 billion after two years of talks. It was a long-awaited large deal for the Canadian company after it tried and failed to buy French retailer Carrefour SA for about $20 billion in 2021.
–With assistance from Eduardo Thomson.
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