Canadian parent of Circle K Stores to buy ExxonMobil locations
Alimentation Couche-Tard Inc., the Canadian operator of more than 5,800 convenience stores, agreed to acquire locations in California from ExxonMobil Corp. after a bid to boost its U.S. presence failed last year.
The acquisition of as many as 322 locations will be made through its subsidiary, Circle K Stores Inc., the Laval, Quebec-based company said Monday. A purchase price wasn’t disclosed. The companies said the deal would close in stages starting in the last three months of this year.
Couche-Tard, led by Chief Executive Alain Bouchard, is renewing expansion efforts eight months after abandoning an attempt to acquire U.S. convenience chain Casey’s General Stores Inc.
The Canadian chain had offered $38.50 a share for Casey’s General, which operates more than 1,500 locations in the U.S. That failed when Casey’s General shareholders rejected directors nominated by Couche-Tard.
In the quarter that ended Jan. 30, Couche-Tard generated 78% of its revenue from the U.S. as total sales rose 14% to $5.6 billion.
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