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ANKENY, Iowa -- Casey's General Stores Inc. signed a purchase agreement to acquire 24 Stop-n-Go convenience stores. Twenty of the stores are located in North Dakota, while the remaining four are in Minnesota.
"We are excited about the opportunity to acquire the Stop-n-Go chain as they are a well-managed and established group of stores in a relatively new market area for Casey's," said Robert Myers, Casey's president and CEO. "This acquisition will be accretive to earnings in the first year of operation and will provide future earnings enhancements as we realize operating efficiencies and integrate our prepared-food operations."
The acquisition is subject to regulatory approvals and is expected to close in May. Casey's will fund the acquisition by a combination of existing cash and operating cash flow.
"We hope this acquisition serves as a springboard for more Casey's locations in the area as we continue to look for opportunities to build and buy stores in the upper Midwest," said Myers.
Terms of the transaction were not disclosed.
Ankeny, Iowa-based Casey's General Stores Inc. has an annual goal to build or acquire 70 to 105 stores. The company operates more than 1,750 convenience stores and gas stations.