Business
Sunoco LP to Acquire Parkland Corporation in Transaction Valued at $9.1 Billion
Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") and Parkland Corporation (TSX: PKI) ("Parkland") announced today that the parties have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion, including assumed debt.
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[{"type":"text","content":"DALLAS, May 5, 2025 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") and Parkland Corporation (TSX: PKI) ("Parkland") announced today that the parties have entered into a definitive agreement whereby Sunoco will acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion, including assumed debt. ","length":401,"tagName":"p"},{"type":"image","alt":"Sunoco LP Logo (PRNewsfoto/Sunoco LP)","displaySize":"","headline":null,"caption":"Sunoco LP Logo (PRNewsfoto/Sunoco LP)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":56,"url":"https://media.zenfs.com/en/prnewswire.com/a18822e479144e6af359140e8668c91a"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/VP4rT_mz5PPpNJZOZK9KgA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTk5O2NmPXdlYnA-/https://media.zenfs.com/en/prnewswire.com/a18822e479144e6af359140e8668c91a","width":400,"height":56}},"href":"https://mma.prnewswire.com/media/1213649/Sunoco_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"As part of the transaction, Sunoco intends to form a new publicly-traded Delaware limited liability company named SUNCorp, LLC ("SUNCorp"). SUNCorp will hold limited partnership units of Sunoco that are economically equivalent to Sunoco's publicly-traded common units on the basis of one Sunoco common unit for each outstanding SUNCorp unit. This new publicly-traded entity will be treated as a corporation for tax purposes. For a period of two years following closing of the transaction, Sunoco will ensure that SUNCorp unitholders will receive the same dividend equivalent as the distribution to Sunoco unitholders.","length":636,"tagName":"p"},{"type":"text","content":"Transaction Details","length":19,"tagName":"p"},{"type":"text","content":"Under the terms of the agreement, Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share, implying a 25% premium based on the 7-day VWAP's of both Parkland and Sunoco as of May 2, 2025. Parkland shareholders can elect, in the alternative, to receive C$44.00 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share, subject to proration to ensure that the aggregate consideration payable in connection with the transaction does not exceed C$...