Americas News
Parkland Corporation Shareholders Approve $9.1 Billion Acquisition by Sunoco
The shareholders of Canada's Parkland Corporation have voted to approve a takeover by US-based Sunoco in a deal valued at about $9.1 billion.
Parkland’s assets of interest to marine fuel stakeholders include its 55,000-barrel-per-day refinery located in Burnaby, close to the Port of Vancouver, and following the launch of Parkland Marine in 2022, bunker supply operations in Vancouver, Florida - via its Miami-based Tropic Oil division - and the Caribbean.
As for the deal itself, 93.46% of the Calgary-based company's shareholders voted to approve Sunoco's acquisition, the company said in a statement on its website on Tuesday.
It remains subject to various closing conditions, including regulatory approvals and considerations under the Investment Canada Act governing foreign investments in Canadian businesses, and final court approval.
The transaction is expected to close in the second half of the year, the company added.
Parkland is Canada largest independent fuel retailer with operations that also include convinience stores and quick-service restaurant (QSR) brands that extend through 26 countries across North America and the Caribbean.
