Sanoco is buying the Canada gas station and the store chain Parkland for a cash and stock deal at a price of about $ 9.1 billion, extending its footprint to the north of the border.
There are about 4,000 locations across Canada, the United States and the Caribbean in Parkland. In more than 40 states in Sunoco, Puerto Rico, Europe and Mexico are located for gas and facilities.
Parkland Corporation shareholders will receive 0.295 Sunckerp unit for each Parkland share of their own and $ 19.80 Canadian ($ 14.34). There is an option to choose to get every 44.00 Canadian ($ 31.86) by sharing cash or 0.536 Suncorp unit for each shareholders in Parkland.
The agreement also includes debt assumptions.
Parkland announced in March that its board was focusing on the strategic options for the company. Parkland says it is the one that has talked to Sunoco that Sanoco has been talked to.
Parkland will place its headquarters in Calgari. Sanoco will also continue to invest in Parkland’s burning refineries, which produce short-carbon fuel.
The contract is expected to be closed in the second half of the year. It is subject to shareholder and court approval. The transaction is also subject to approval under the Investment Canada Act and some regulatory approval, including the approval of the Sunckerp share list issued under the transaction on the New York Stock Exchange.
Parkland will hold a special shareholder meeting on June 24 to vote in the transaction.
If the deal is not closed, Parkland will have to pay a break -up fee of $ 275 million under certain circumstances.
Sanoco LP shares are more than 2% back on Monday Monday.
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