Parkland Fuel completes acquisition of 75% of SOL, the largest independent fuel marketer in the Caribbean
On January 8, 2019, Parkland Fuel Corporation ("Parkland") announced the closing of its acquisition of 75% of the shares of Sol Investments Limited ("SIL" and together with its subsidiaries "SOL"), a privately-held company owned by the Simpson Group.
Under the terms of the agreement, Parkland acquired 75% of the issued and outstanding shares in the capital of SIL for a total consideration of US$1.21 billion (approximately C$1.57 billion) plus customary post-closing adjustments on a cash-free and debt-free basis, and SOL Limited acquired 12,231,250 common shares in the capital of Parkland. Through its ownership in SOL Limited, at closing, the Simpson Group owns approximately 9.9% of the issued and outstanding shares in Parkland.
The remaining 25% of the shares outstanding in SIL are subject to a minority purchase/sale right pursuant to which Parkland may elect to acquire or SOL Limited may elect to sell the remaining shares in the capital of SIL.
Parkland is Canada's largest and one of North America's fastest growing independent suppliers and marketers of fuel and petroleum products and a leading convenience store operator.
SOL is the largest independent petroleum marketing company in the Caribbean region, providing fuels, lubricants, LPG products and an extensive network of service stations.
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