Parkland-Sunoco deal receives Investment Canada Act approval
Parkland Corp. says the federal government has granted Investment Canada Act approval for Sunoco LP's proposed takeover of the company, a key regulatory milestone for the deal.
The company says the transaction is expected to close in the fourth quarter of this year, subject to remaining regulatory approvals and the satisfaction or waiver of customary closing conditions.
Parkland and Sunoco announced the friendly cash-and-stock deal valued at US$9.1 billion including assumed debt in May following a bitter proxy battle with investors in the Canadian company.
Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries.
It also runs a refinery in Burnaby, B.C.
READ: Parkland receiving Quebec government support in its EV charging expansion efforts
The deal cleared a key U.S. antitrust hurdle last month when the waiting period under the Hart-Scott-Rodino Act expired.
The expiration of the waiting period under the HSR Act satisfies an important regulatory approval necessary for the completion of the transaction, which is expected to close in the fourth quarter of 2025, subject to obtaining other regulatory approvals and the satisfaction of certain customary closing conditions.
