ALIMENTATION COUCHE-TARD AND CROSSAMERICA ANNOUNCE THE CLOSING OF THE FIRST TRANCHE IN A SERIES OF ASSET EXCHANGES
Alimentation Couche-Tard Inc. (“Couche-Tard”). has transferred toCrossAmerica 60 U.S. company-operated convenience and fuel retail stores (the “Circle K stores”)CrossAmerica has transferred to Couche-Tard 17 company-operated convenience and fuel retail stores in the U.S. Upper Midwest currently operated byCrossAmerica and the real property for eight U.S. company-operated convenience and fuel retail stores currently leased and operated by Couche-Tard- This is the first exchange of assets in a series of transactions announced by Couche-Tard and
CrossAmerica inDecember 2018 - Each transaction is anticipated to be accretive to CrossAmerica’s distributable cash flow
Laval, Québec,
In
In this first transaction, Couche-Tard transferred to
Prior to the exchange, Couche-Tard executed dealer agreements for the Circle K stores transferred to
Previous expectations were that the exchange of assets would occur in a series of transactions over a period of up to 24 months. However, it is now anticipated that the remaining exchange of assets will be completed in a series of transactions by no later than the end of the first quarter of calendar year 2020. The closing of each asset exchange transaction is subject to closing conditions set forth in the Asset Exchange Agreement. It continues to be expected that there will be no additional funding required as part of these transactions.
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Couche-Tard is the leader in the Canadian convenience store industry. In
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Cautionary Statement Regarding Forward-Looking Statement
The statements set forth in this press release, which describes Couche-Tard’s objectives, projections, estimates, expectations or forecasts, may constitute forward-looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe”, “can”, “shall”, “intend”, “expect”, "estimate”, “assume” and other related expressions are used to identify such statements. Couche-Tard would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated in or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Couche-Tard’s actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, exchange rate variations, and such other risks as described in detail from time to time in the reports filed by Couche-Tard with securities authorities in
Statements contained in this release that state CrossAmerica’s or management’s expectations or predictions of the future are forward-looking statements. The words “believe,” “expect,” “should,” “intends,” “estimates,” “target” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see CrossAmerica’s annual reports on Form 10-K, quarterly reports on Form 10-Q and other reports filed with the
Source: CrossAmerica Partners