• Today
    June 19

  • 05:39 AM

Parkland Fuel to buy 75 per cent in SOL Investments for CAN$1.57 billion


Added 10 October 2018


Parkland Fuel Corp, a Canada-based marketer of petroleum products, said on Wednesday it would buy a 75 per cent stake in privately held SOL Investments Ltd and its units for CAN$1.57 billion (US$1.21 billion).

The deal gives Parkland access to 526 retail gas stations, expanding its presence in the US Gulf and Atlantic coasts, the company said.

Upon closing of the deal, SOL’s parent company Simpson Group will own a stake of about ten per cent in Parkland, the companies said in a statement.

Parkland will also get a call option for purchase of the remaining 25 per cent stake in the company.

The transaction will be financed by Parkland through debt financing of around CAN$1.1 billion underwritten by Canadian Imperial Bank of Commerce and National Bank of Canada.

Last year, Parkland signed a deal to buy Chevron Corp’s gasoline stations and refinery in British Columbia for CAN$1.46 billion.

Parkland said it will retain the SOL operating brand and key management and SOL will continue to be managed from the Caribbean. (Reuters)


Dos and Donts

Welcome to our discussion forum here on nationnews.com. We encourage lively debate, but we also urge you to take note of the following:

  • Stay on topic – This helps keep the thread focused on the discussion at hand. If you would like to discuss another topic, look for a relevant article.
  • Be respectful – Meeting differences of opinion with civil discussion encourages multiple perspectives and a positive commenting environment.
  • Do not type in capitals – In addition to being considered “shouting” it is also difficult to read.
  • All comments will be moderated – Given the volume of comments each day, this may take some time. So please be patient.
  • We reserve the right to remove comments – Comments that we find to be abusive, spam, libellous, hateful, off-topic or harassing may be removed.
  • Reproduction of comments – Some of your comments may be reproduced on the website or in our daily newspapers. We will use the handle, not your email address.
  • Do not advertise – Please contact our Advertising Department.
  • Contact our Online Editor if you have questions or concerns.
  • Read our full Commenting Policy and Terms of Use.
comments powered by Disqus


Are you complying with the water prohibition measures announced by the Barbados Water Authority?