US energy company ConocoPhillips has said it has signed an agreement to sell Circle K Corporation to Canadian grocer Alimentation Couche-Tard.
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Couche-Tard said the acquisition price is US$820.9m plus the assumption of $9.1m in debt. The grocer said the deal would make it the fourth-largest convenience store operator in North America, reported Dow Jones.
The assets included in the deal are 1,663 retail marketing outlets in 16 states, and the Circle K brand, as well as the assignment of the franchise relationship with more than 350 franchised and licensed stores, ConocoPhillips said, adding that it expects the deal to close in the fourth quarter.
