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Sunoco Closes $9.1B Parkland Acquisition
The $9.1 billion deal creates the largest independent fuel distributor with over 3,600 retail sites and a refinery supplying one-third of Burnaby's gasoline, Sunoco said.
- Closing the transaction on Friday, Sunoco LP completed its cash-and-stock acquisition of Parkland Corp., valued at US$9.1 billion including assumed debt.
- Pressure from Parkland's largest shareholder and takeover activity preceded Bob Espey, President and CEO of Parkland, announcing his resignation amid the deal Sunoco repeatedly sought.
- Sunoco now owns over 3,600 retail sites across North America, including 699 U.S. locations from Parkland Corp.'s portfolio.
- Parkland shares will be delisted from the Toronto Stock Exchange as of Tuesday and SunocoCorp common units will begin trading on the New York Stock Exchange Thursday under ticker SUNC.
- The combined SunocoCorp is valued at about $25.5 billion and becomes the largest independent fuel distributor in the Americas, while Burnaby Refinery, Burnaby, British Columbia supplies nearly one-third of the region's gasoline and jet fuel.
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Sunoco completes $9.1B US deal to buy Parkland
Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries. It also runs a refinery in Burnaby, B.C., which supplies nearly one-third of the region's domestically supplied gasoline and jet fuel.
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Sunoco completes cash-and-stock deal to buy Parkland
Coverage Details
Total News Sources10
Leaning Left5Leaning Right0Center1Last UpdatedBias Distribution83% Left
Bias Distribution
- 83% of the sources lean Left
83% Left
L 83%
C 17%
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