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3mo ago

Sunoco Secures $9.1 Billion Deal to Acquire Parkland

The agreement, recommended by Parkland's board, sets the stage for creating the largest independent fuel distributor in the Americas, pending shareholder and regulatory approvals.

Image
Cars line up at a Sunoco gas station offering high-level ethanol-gasoline blends at a cost below regular gasoline, on April 13, 2022, in Delray Beach, Fla. Credit: AP Photo/Marta Lavandier
Cars fill up at a Sunoco gas station near Rockbridge, Ohio.
Parkland Corp.’s Burnaby, B.C. refinery.

Overview

  • Parkland shareholders will vote on the Sunoco acquisition at a rescheduled June 24 meeting, alongside board elections.
  • The deal offers Parkland shareholders a mix of cash and equity options, with a 25% premium over recent trading prices.
  • Sunoco has committed to maintaining Parkland's Calgary headquarters, preserving jobs, and investing in the Burnaby refinery.
  • The transaction requires shareholder approval, court clearance, and regulatory review under the Investment Canada Act, targeting a second-half 2025 close.
  • Simpson Oil, Parkland's largest shareholder, has criticized the meeting delay and is pursuing legal action, alleging a breach of fiduciary duty by the current board.