Alimentation Couche-Tard entered into a definitive agreement to acquire a portfolio of Irving Oil retail and fuel assets across Québec and Ontario. The transaction includes 50 retail sites that Couche-Tard already operates through the Québec Alliance between Irving Oil and Couche-Tard.
It also includes two existing Couche-Tard-operated retail locations in Pembroke and Cornwall, Ontario.
The agreement covers fuel supply to another 71 Couche-Tard-owned and operated retail locations in Québec.
Couche-Tard will also acquire 18 cardlock locations, including 16 in Québec and two in Ontario.
Sixteen of the cardlock facilities are co-located with retail sites included in the transaction.
The remaining two are adjacent to locations already owned and operated by Couche-Tard.
Irving Oil fleet customers will continue receiving service at the cardlock locations under a long-term agreement between the companies.
The transaction remains subject to customary closing conditions and regulatory approvals, including approval under Canada’s Competition Act.
Couche-Tard operates more than 17,200 stores across 27 countries and territories, including approximately 13,100 locations selling transportation fuel.
KEY QUOTES:
“This agreement builds on our longstanding relationship with Irving Oil and our experience operating these locations. These are markets and customers we know well.”
“The transaction would support our continued investment in the everyday convenience experience we offer our customers.”
Stéphane Trudel, Senior Vice President of Operations at Alimentation Couche-Tard
