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Sunoco LP and Parkland Corporation announced yesterday that they have entered into a definitive agreement for Sunoco to acquire all outstanding shares of Parkland. The transaction, valued at approximately $9.1 billion including assumed debt, will establish the combined entity as the largest independent fuel distributor in the Americas.

The rationale behind the acquisition points to compelling financial benefits, with Sunoco anticipating over 10% accretion to distributable cash flow per common unit within the first year and $250 million in run-rate synergies by Year 3. The combined company aims to return to Sunoco's long-term leverage target of 4x within 12-18 months following the transaction's closure.

Beyond the financial advantages, the acquisition promises to create an industry leader with enhanced scale and stability. The complementary assets of both companies will enable an advantaged fuel supply and further diversify Sunoco's portfolio and geographic footprint. This increased scale is also expected to accelerate accretive growth, generating more cash flow for reinvestment and distribution growth.

Parkland's Executive Chairman, Michael Jennings, hailed the transaction as a "compelling outcome" for the company's shareholders. He emphasized Sunoco's commitment to retaining the Calgary head office, safeguarding Canadian jobs, and further investing in Canada. Bob Espey, President and CEO of Parkland, echoed this sentiment, stating that the deal delivers immediate value to shareholders and positions the combined business for "sustained success."

Crucially for Canada, Sunoco has pledged to maintain a Canadian headquarters in Calgary and significant employment levels across the country. Furthermore, Sunoco is committed to investing in Parkland's Burnaby Refinery, which is noted for its production of low-carbon fuels, ensuring its continued safe and growing operations. The combined entity will also support Parkland's existing plans to expand its Canadian transportation energy infrastructure and leverage increased free cash flow for further investment in Canada, the Caribbean, and the United States.

The transaction, structured as a plan of arrangement under the Business Corporations Act (Alberta), requires approval by two-thirds of the votes cast by Parkland shareholders and approval from an Alberta court.

The acquisition will see Parkland shareholders receive 0.295 SUNCorp units and C$19.80 in cash for each Parkland share, representing a significant 25% premium based on the 7-day volume-weighted average price (VWAP) of both companies as of May 2, 2025. Parkland shareholders will also have the option to elect to receive either C$44.00 per Parkland share in cash or 0.536 SUNCorp units per Parkland share, subject to proration to ensure the aggregate consideration aligns with the initial offer.

Parkland is a leading international fuel and oil distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Sunoco LP is also a leading energy infrastructure and fuel and oil distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico.