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By Daniella Parra
Vinson & Elkins represented Sunoco LP (NYSE: SUN) in a definitive agreement with Parkland Corp. (TSX: PKI) where Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion, they said.
The acquisition will expand Sunoco’s portfolio with complementary assets and an enhanced geographic footprint, promising significant synergies and financial benefits, including $250 million in run-rate savings by the third year.
“Today marks a significant milestone,” said Bob Espey, President and CEO of Parkland. “This transaction delivers immediate value for shareholders, including an attractive 25% premium. Sunoco shares our commitment to growth, customer service, operational excellence, and ongoing investment in Canada, making our combined business stronger and better positioned for sustained success.”
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