Topaz owner completes €4.1bn US takeover
The Canadian company, which bought the Topaz forecourt brand late last year, has completed an acquisition of North America’s second-largest fuel and convenience retailer.
Alimentation Couche-Tard’s purchase of Texas-based CST Brands for a reported €4.1 billion ($4.4 billion) was approved last week, after first agreeing the deal in August.
Some 99.7% of CST Brands shareholders voted in favour of the merger agreement at a special meeting in November, with stockholders receiving $48.53 in cash per share.
The transaction remains subject to regulatory approvals and closing conditions.
It is expected to close in early calendar year 2017.
As of July 17, 2016, Couche-Tard’s network comprised 7,863 convenience stores throughout North America, including 6,474 stores with road transportation fuel dispensing. Globally, the company operates more than 12,000 locations under brands such as Circle K and Mac’s.
The acquisition of CST Brands adds 1,900 outlets in the US and Canada to the Couche-Tard umbrella, along with revenues of over €12 billion.
Part of the transaction will also see Couche-Tard inherit CST’s 19 percent holding in CrossAmerica Partners LP, a fuel distributor with operations in 29 US states.