WEST DES MOINES, Iowa (AP) -- Casey's General Stores Inc. said Tuesday it is buying 22 convenience stores in Iowa, Missouri and North Dakota from competitor Kum & Go.
The deal allows the Casey's to expand its store base and reach new markets. The company expects the acquisition will be accretive in its first year of operations.
The Iowa-based companies said the deal is expected to close in November.
Kum & Go operates more than 400 stores in the U.S. Casey's operates 1,699, as of the end of its last fiscal year.
Shares of the company increased $2.33 to close at $57.99 and were unchanged in after-hours trading following the news of the deal.
