Canadian convenience store operator Couche-Tard has signed a deal to acquire up to 322 convenience-store sites plus an additional 65 reseller contracts from ExxonMobil Corp.
The deal, Couche-Tard said last week (24 June), will boost its presence in Southern California. The transaction is expected to close between the fourth quarter of 2011 and the second quarter of 2012.
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The deal is subject to regulatory approvals and conditions. No financial details of the transaction were disclosed, but the retailer said it will pay for the assets with available cash and bank facilities.
The agreement with ExxonMobil is through its Circle K Stores unit and will include 72 company-operated stores to be placed under the Circle K banner and 250 independently operated stores.
The stores are all located on “highly visible and strategic locations”, the retailer added.
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