LAVAL, QUEBEC -- Alimentation Couche-Tard Inc has signed an agreement to acquire 29 convenience stores. The deal, signed through the Canadian retailer's Mac's Convenience Stores LLC, consists of 25 stores in Illinois, three in Missouri and one in Oklahoma.
The transaction is expected to close by the end of the month. According to a confidentiality agreement between the parties, the purchase price cannot be disclosed. Available cash dollars will be used for the transaction.
All the stores offer motor fuel branded Phillips 66. Plans call for the locations to be rebranded to the Circle K banner and for them to continue to carry Phillip 66 fuel. Couche-Tard's Midwest division would operate 28 of them, and the other store would be operated by the Southwest division. Two sites are equipped with car washes.
Under the terms of the deal, Couche-Tard will buy the land and buildings for 25 locations and would assume or enter into leases for the remaining locations.