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ANKENY, Iowa -- Casey's General Stores Inc., which last year was threatened by an unfriendly takeover attempt by Canada-based Alimentation Couche-Tard, is apparently back in acquisition mode.
The Iowa-based convenience store chain announced it signed a definitive agreement to purchase five c-stores from QuikTrip Corp., the Tulsa, Okla.-based chain of about 550 stores. All of the acquired stores are located in the Springfield, Mo., metropolitan area operating under the QuikTrip banner. The stores will be immediately rebranded to Casey's once the transaction is completed.
"Springfield has been a great market for Casey's, and we are excited to expand our presence there," said Robert J. Myers, president and CEO of Casey's. "These stores have been well maintained and are high volume locations that will be a perfect fit for our proprietary prepared food program."
Casey’s expects this acquisition to be immediately accretive to earnings in their first full year of operation. The acquisition is subject to certain regulatory approvals and other customary closing conditions. The transaction is expected to close in the company's first quarter of the fiscal 2012 year and will be funded by existing cash and cash flow.
Casey’s owns the fifth-largest number of company-operated convenience stores in the U.S., with more than 1,500 units, mostly located in secondary markets and small towns.