Couche-Tard to Sell 49 Sites to Casey's; Plans to Shed 300 More

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 [e-mail]

(END) Dow Jones Newswires

March 22, 2021 08:10 ET (12:10 GMT)

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