Quaker State Oil Agrees to Acquire Arctic Circle Inc.
Quaker State Oil Refining Corp. said Monday that it has reached a definitive agreement to buy Arctic Circle Inc., which owns and franchises chains of restaurants and lubrication centers, in an exchange of stock valued at about $29 million.
The acquisition, subject to approval by Arctic Circle shareholders, would exchange 1.425 million shares of Quaker State common stock for all of the stock of Arctic Circle, a closely held company.
Arctic Circle, through its Minit-Lube division, owns or franchises a chain of more than 90 lubrication centers, mostly in the West. It also owns or franchises more than 100 Arctic Circle restaurants.
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