Sunoco (SUN) said Monday that it has agreed to acquire all outstanding shares of Parkland Corporation for approximately $9.1 billion in cash, equity, and assumed debt.
Under the deal, Sunoco will form a new publicly traded company named SUNCorp, which will hold limited partnership units of Sunoco.
Parkland shareholders will receive 0.295 SUNCorp units and 19.80 Canadian dollars ($14.35) for each Parkland share. As an alternative, Parkland shareholders can choose to receive CA$44 per Parkland share in cash of 0.536 SUNCorp units for each Parkland share.
The company said the acquisition implies a 25% premium based on the seven-day volume-weighted average price of Parkland and Sunoco as of May 2.
The acquisition is expected to close in H2 2025, subject to customary closing conditions.
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