Quebec-Based Alimentation Couche-Tard Acquires The Pantry For $1.7 Billion

Quebec-based Alimentation Couche-Tard (OTC: ANCUF) announced on Thursday it has agreed to acquire The Pantry Inc (NASDAQ: PTRY) for $1.7 billion, or $36.75 per share.

Couche-Tard is one of North America's largest convenience store operators with a dominant presence across Canada. Following the acquisition of The Pantry, Couche Tard will now have a strong presence throughout the Southeastern and Gulf Coast regions of the United States.

"We look forward to welcoming The Pantry, Inc. to the Couche-Tard family," said Brian P. Hannasch, Couche-Tard's President and Chief Executive Officer. "The Pantry is an excellent company and is well positioned in the Southeastern and Gulf Coast regions of the U.S., two of the fastest growing areas of the U.S. With this transaction we will add more than 1,500 stores to our network which will position us as the definitive leader in this region and will reinforce our position as one of the largest convenience store operators in North America."

The transaction is expected to close in the first half of 2015 and has already been unanimously approved by the Board of Directors of both companies.

Shares of The Pantry were up 2.2 percent at $36.30 in the premarket.

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