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Couche-Tard—French for “night owl”—agreed to buy the gas station chain CST Brands for almost $4B. The deal brings Couche-Tard thousands of locations in Texas, New York and eastern Canada as part of a push to use mergers to expand. This is the convenience store chain's fourth acquisition this year and the largest in its history, according to Bloomberg.
Couche-Tard will pay $48.53/share in cash for CST, according to a statement Monday that pegged the equity value of the deal at $3.78B. Including debt, the offer is valued at about $4.4B.
“It’s a great fit geographically,” Brian Hannasch, CEO of Quebec-based Couche-Tard, said on a conference call with reporters. “Our strength is in the US Southeast, the West Coast and the Midwest. Texas is one of the fastest growth markets in the US.” [Bloomberg]
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