Couche-Tard to Sell 49 Sites to Casey's; Plans to Shed 300 More
March 22 2021 - 8:26AM
Dow Jones News
By Colin Kellaher
Alimentation Couche-Tard Inc. on Monday said that it agreed to
sell 49 sites in Oklahoma to Casey's General Stores Inc., and that
it is exploring the sale of more than 300 additional sites across
the U.S. and Canada following a strategic review of its
network.
The Laval, Quebec, convenience-store operator said it is selling
46 leased and three owned properties to Casey's for $39 million in
a deal slated to close by July 31.
Couche-Tard, which operates more than 14,200 stores in 26
countries and territories, also said it has hired a real-estate
advisory firm to coordinate the sale of 306 sites, including 269
sites across 25 states in the U.S. and 37 locations in six
provinces in Canada.
The company said the locations it is shedding no longer fit its
strategic objectives, either from a brand perspective or from a
regional scale perspective.
Casey's, based in Ankeny, Iowa, operates more than 2,200
convenience stores in 16 states.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
March 22, 2021 08:11 ET (12:11 GMT)
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