Parkland acquires the majority of CST Brands, Inc.'s Canadian business and assets

On August 22, 2016, Parkland Fuel Corporation ("Parkland") announced that it entered into an agreement with Alimentation Couche-Tard Inc. ("Couche-Tard") to acquire the majority of the Canadian business and assets of CST Brands, Inc. ("CST") for approximately C$965 million. Couche-Tard announced a definitive merger agreement with CST under which Couche-Tard will acquire CST in an all-cash transaction for US$48.53 per share, with a total enterprise value of approximately US$4.4 billion including net debt assumed ("CST Transaction").

The assets acquired as part of the acquisition will consist of: (i) CST's Dealer and Commissioned Agents retail business, (ii) CST's Commercial Cardlock business, (iii) CST's Commercial and Home Heat businesses, (iv) a number of CST's company-operated stores to be determined following the Competition Bureau of Canada's review of the CST Transaction, and (v) corporate presence in Montreal.

Parkland announced the closing of the acquisition on June 28, 2017.

CST Brands is one of the largest independent retailers of motor fuels and convenience merchandise in North America, offering a broad array of convenience merchandise, beverages, snacks and prepared fresh food throughout the southwestern United States, Georgia, Florida, New York and Eastern Canada.

Parkland is one of North America's fastest growing independent marketers of fuel and petroleum products, delivering gasoline, diesel, propane, lubricants, heating oil and other high-quality petroleum products to motorists, businesses, households and wholesale customers in Canada and the United States.

Couche-Tard is the leader in the Canadian convenience store industry. In the United States, it is the largest independent convenience store operator in terms of number of company-operated stores. In Europe, Couche-Tard is a leader in convenience store and road transportation fuel retail in the Scandinavian countries (Norway, Sweden and Denmark), in the Baltic States (Estonia, Latvia and Lithuania, in Ireland and in Russia with an important presence in Poland.

Further information can be found on Parkland's website.