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Circle-K owner makes US exchange


Stock image: PA

Stock image: PA

Stock image: PA

CIRCLE-K owner, the Canadian Alimentation Couche- Tard, which in 2016 completed the acquisition of the Topaz forecourt business in Ireland, has agreed to sell 192 US company-operated convenience and retail fuel stores to US firm CrossAmerica.

CrossAmerica has previously done forecourt deals in the United States with Ireland's stock market-listed Applegreen.

Couche-Tard is also buying 73 outlets from CrossAmerica which said it has already approached operators to take on the outlets it's buying from the Canadian company.

The 192 stores being sold to CrossAmerica have an aggregate value of approximately $184.5m (€162.2m), with the assets being sold by it to Couche-Tard having the same value.

The 73 CrossAmerica stores being sold to Couche-Tard include 56 forecourts that are currently leased and operated by the Canadian company, and 17 that are owned and operated by CrossAmerica in the US upper Midwest.

The asset swap will take place over the next 24 months. CrossAmerica said it has been in discussions with several dozen potential operators for the 192 outlets it is buying from Couche-Tard. The majority of the outlets are in CrossAmerica's existing geographies.

Most recently, Applegreen signed a deal with CrossAmerica to lease 43 filling stations in Florida, expanding the Irish group's US presence. Applegreen has outlets in South Carolina, Massachusetts and New York's Long Island. Applegreen has just completed its biggest ever acquisition, acquiring UK-based Welcome Break in a €440m deal.

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