Alimentation Couche-Tard Sells CrossAmerica Partners Interest

By Stephen Nakrosis

Alimentation Couche-Tard Inc. said Tuesday it sold its ownership interest in CrossAmerica Partners LP (CAPL) and also said it agreed to an asset exchange agreement with CrossAmerica.

Alimentation Couche-Tard sold its ownership interest to a group of investment entities controlled by CrossAmerica founder Joe Topper. Mr. Topper is also CrossAmerica's chairman.

Financial terms weren't disclosed.

Under terms of the exchange transaction, CrossAmerica will receive U.S. wholesale fuel supply contracts covering 387 sites and 45 fee and leasehold properties from Couche-Tard.

For its part, CrossAmerica will transfer a 17.5% limited partner interest ownership in CST Fuel Supply LP to Couche-Tard.

"Couche-Tard will retain its dealer sites in California and those operated through its RDK joint venture as well as other strategic fuel wholesale assets across different parts of the country," the companies said.

Alimentation Couche-Tard is a Canadian convenience store company.

CrossAmerica Partners LP distributes motor fuels and owns and leases real estate used in the distribution of motor fuels.

--Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

November 19, 2019 16:54 ET (21:54 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.