Brief: Arko Corp Announces Agreement To Acquire All Assets Of Transit Energy Group

Arko.

12/09/2022 13:09

Sept 12 (Reuters) - Arko Corp.  ARKO.O :
    * ARKO CORP- PURCHASE PRICE IS APPROX $375 MILLION PLUS
VALUE OF
INVENTORY, OF WHICH $50 MILLION IS DEFERRED, PAYABLE IN TWO
ANNUAL PAYMENTS OF $25 MILLION
    * ANNOUNCES AGREEMENT TO ACQUIRE ALL ASSETS OF TRANSIT
ENERGY
GROUP, A LARGE PRIVATELY HELD PORTFOLIO IN THE SOUTHEAST WITH
APPROXIMATELY 350 SITES ACROSS RETAIL AND WHOLESALE
    * ARKO CORP-INTENDS TO FINANCE FROM ITS OWN SOURCES
APPROXIMATELY
$60.0 MILLION OF CASH CONSIDERATION PLUS VALUE OF INVENTORY AND
OTHER CLOSING ADJUSTMENTS
    * REMAINING APPROXIMATELY $265 MILLION IS EXPECTED TO BE
FUNDED BY
OAK STREET REAL ESTATE CAPITAL, A DIVISION OF BLUE OWL CAPITAL
    * COMPANY EXPECTS THAT THIS ACQUISITION WILL ADD
APPROXIMATELY $18
MILLION OF ADJUSTED EBITDA ON AN ANNUALIZED BASIS
    * THERE IS NO CERTAINTY THAT TRANSACTION WILL CLOSE.
    * ARKO CORP - GPM, A WHOLLY OWNED SUBSIDIARY OF ARKO, AND
CERTAIN
OF GPM'S SUBSIDIARIES HAVE AGREED TO ACQUIRE FROM TEG APPROX 150
CONVENIENCE STORES

Source text for Eikon:  ID:nGNX1wCrHT 
Further company coverage:  ARKO.O 

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