Alimentation Couche-Tard Inc. (Laval, Québec) announced it has reached an agreement to acquire 112 fuel and convenience retail sites from Mapco Express Inc. (Franklin, Tenn.). Terms of the deal were not disclosed, and the acquisition is contingent on a separate transaction whereby Mapco and its remaining locations are sold to a third party.
The latter deal, announced separately, involves Majors Management (Lawrenceville, Ga.) agreeing to buy Mapco’s other 260 stores from Chilean holding company Copec Inc. for an undisclosed amount.
The Couche-Tard transaction includes stores mainly in Tennessee and Alabama, but also in Kentucky and Georgia. All are company-operated, and most of the real estate is owned. The transaction also includes surplus property and a logistics fleet.
“We are delighted to add MAPCO’s high-quality sites to our footprint in the Southeastern U.S.,” said Couche-Tard COO Alex Miller. “As we continue to grow our presence in the region, we look forward to bringing our Circle K experience to new customers and making their lives a little easier every day.”
The transaction is expected to close in the second half of this year, subject to standard regulatory approvals and closing conditions. It will be financed using the corporation’s available cash and/or existing credit facilities.
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