International news: Couche-Tard announces transformative acquisition in Canada

Couche-Tard will acquire 279 Esso-branded fuel and convenience sites from Imperial Oil.

Of these sites, 229 are in Ontario – the majority of which are in the greater Toronto area – and 50 sites are in Québec. The agreement also includes 13 land banks and two dealer sites, as well as a long-term supply agreement for Esso-branded fuel.

Of the 279 sites, 238 are owned by Imperial and 41 are leased. The total transaction is priced at about $1,693 million.

“Esso is a great brand and a strong partner and we look forward to expanding our relationship with them,” Couche-Tard President and CEO Brian Hannasch said.

“The opportunity to combine some of the strongest brands in Canada to create a great offer and experience for our customers is very exciting. The sites we would acquire represent an excellent strategic fit for our business, allowing us to expand our network and reach more fuel customers than ever before.”

The sites are understood to have significant customer support for their convenience, coffee and car wash businesses, as well as impressive fuel throughput.

Most of the Ontario locations also contain a Tim Hortons outlet – something fewer than 20 of Couche-Tard’s locations across the country have now. The deal brings the size of Couche-Tard’s Canadian network to 2,100 stores.

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