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The combined company will benefit from complementary assets, enabling an advantaged fuel supply and further diversifying Sunocos portfolio and geographic footprint. Sunoco has announced a definitive agreement to acquire all outstanding shares of Parkland Corporation in a transaction valued at approximately $9.1bn (C$12.57bn), including assumed debt. This acquisition is expected to be immediately accretive, with more than 10% accretion to distributable cash flow per common unit and $250m in run-rate synergies by the third year. Under the terms of the agreement, Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share. Parkland shareholders may also choose to receive C$44 per Parkland share in cash or 0.536 SUNCorp units per Parkland share, subject to proration. For two years following the transaction’s close, Sunoco will ensure that SUNCorp unitholders receive the same dividend equivalent as Sunoco unitholders. The transaction will be implemented as part of a plan of arrangement under the Business Corporations Act (Alberta) and will require approval by 66 2/3% of the votes cast by Parkland shareholders. |
