Alimentation Couche-Tard Sells CrossAmerica Partners Interest
November 19 2019 - 5:09PM
Dow Jones News
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 stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 19, 2019 16:54 ET (21:54 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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