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7h ago

Sunoco Finalizes $9.1B Deal to Acquire Parkland Corp.

Parkland's board unanimously supports the acquisition, which awaits shareholder, court, and regulatory approvals ahead of a June 24 vote.

Image
The ESSO gas station at Strachan Ave. and King St. West is photographed on Mar 17 2021. Fred Lum/The Globe and Mail
FILE - A Sunoco sign is visible outside a gas station, Feb. 27, 2023, in Methuen, Mass. (AP Photo/Charles Krupa, file)

Overview

  • Sunoco LP has signed an agreement to acquire Calgary-based Parkland Corp. in a cash-and-stock deal valued at US$9.1 billion, including assumed debt.
  • Parkland shareholders will vote on the transaction at a rescheduled annual meeting on June 24, 2025, with the board recommending approval.
  • Under the deal, shareholders can opt for a mix of SUNCorp units and cash, or elect an all-cash or all-stock option, subject to limits.
  • The acquisition requires approvals from shareholders, courts, and Canadian regulators under the Investment Canada Act.
  • Sunoco has committed to maintaining Parkland’s Calgary headquarters, preserving Canadian jobs, and continuing investments in the Burnaby, B.C. refinery.