Sunoco completes acquisition of Parkland

Sunoco announced Nov. 3 that its acquisition of Parkland Corp. has been completed.

Sunoco and Parkland announced in May that they entered into a definitive agreement for Sunoco to acquire all outstanding shares of Parkland in a cash and equity transaction valued at approximately $9.1 billion, including assumed debt.   

As part of the transaction, Sunoco said in May that it intended to form a new publicly traded Delaware limited liability company named SunCorp LLC.  

SunCorp was expected to hold limited-partnership units of Sunoco that are economically equivalent to Sunoco’s publicly traded common units on the basis of one Sunoco common unit for each outstanding SunCorp unit.  

In May, Sunoco announced it secured a $2.65 billion 364-day bridge term loan for the proposed cash consideration. 

The transaction was unanimously approved by the board of directors of both companies.

In May, Sunoco said it was committed to continuing to invest in Parkland’s innovative Burnaby refinery in British Columbia, Canada, which produces low-carbon fuels, while maintaining safe, healthy and growing operations for the long-term.  

The refinery will continue to operate and supply fuel within the lower mainland. 

Sunoco also said it will continue to support Parkland’s plan to expand its Canadian transportation-energy infrastructure.    

Parkland shares were expected to be delisted from the Toronto Stock Exchange as of the close of markets Nov. 4.

The common units of Sunoco to be received by Parkland shareholders in connection with the transaction will begin trading on the New York Stock Exchange Nov. 6 under the ticker symbol “SUNC” following the settlement of the Parkland shares and completion of the allocation process for the Sunoco Corp. common units.