Canadian c-store operator Couche-Tard has agreed to acquire ExxonMobil’s On the Run convenience store chain in the US and 43 of its sites in Arizona.
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The transaction, announced yesterday (28 April), transfers to Couche-Tard the franchise agreements for around 450 On the Run convenience stores, which will continue to be operated by the franchisee dealers and distributors of ExxonMobil.
The deal is anticipated to close late next month and is subject to standard closing conditions and regulatory approvals.
“We recognise the outstanding quality of ExxonMobil On the Run franchisees and we are excited to welcome them to the Couche-Tard family”, said Couche-Tard president and CEO Alain Bouchard.
Also under the agreement, Couche-Tard will acquire the land and buildings for 33 locations and will assume or enter into leases for the remaining ten locations. The 43 Phoenix sites will be converted to Circle K branded convenience stores.
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By GlobalData“ExxonMobil values the tremendous commitment of its On the Run franchisees in helping to build one of the leading convenience store brands in the industry,” said Ben Soraci, ExxonMobil’s director of US retail sales.
Couche-Tard will fund the acquisition from internal available cash dollars.
