Alimentation Couche-Tard has completed the closing transaction with Copec for fuel and convenience retail sites.
First announced in April, the transaction includes 112 company-operated fuel and convenience retail sites from Mapco Express as well as surplus property and a logistics fleet. Most of the real estate is also owned.
The transaction was financed using the Couche-Tard 's available cash and its U.S. Commercial Paper Program.
"We are pleased to welcome these Mapco stores and their great team members into the Couche-Tard family and look forward to their integration," says Alex Miller, Couche-Tard's chief operating officer. "As we continue to grow our presence across the Southern U.S., we are excited to bring the Circle K experience to new customers in Georgia, Tennessee, Alabama and Kentucky."
As well, Couche-Tard also learned that it has received a decision not to oppose from the European Commission for the acquisition of certain European retail assets from TotalEnergies. First announced in March, the acquisition involves all of TotalEnergies’ retail assets in Germany and the Netherlands, as well as a 60% controlling interest in the Belgium and Luxembourg entities.
The transaction will be financed using available cash, existing credit facilities, U.S. Commercial Paper Program, and a new term loan.
“The decision by the European Commission is an important marker in the completion of this acquisition, and I want to thank all involved for their outstanding commitment in getting us to this stage. This game-changing transaction is on track to close by the end of December, and we are truly excited to welcome new team members and stores across these four European countries as we grow together to become the world’s preferred destination for convenience and mobility,” adds Brian Hannasch, president, and CEO of Couche-Tard.