Couche-Tard acquires 29 convenience stores in the U.S.

Alimentation Couche-Tard is acquiring 29 convenience stores in the United States for an undisclosed price.

The 25 stores in Illinois plus eight in Missouri and one in Oklahoma will eventually be rebranded Circle K and continue to sell Phillips 66 gasoline.

The Montreal-area convenience store chain said Monday that the transaction is expected to close some time this month and will be funded with available cash.

Two of the sites have car washes.

Couche-Tard will buy the land and buildings for 25 locations and hold leases on the remaining four. It is also buying the rights to supply 29 wholesale stores located throughout the same geographic area.

Its Midwest division will subsequently include 527 company-operated stores and 212 locations under wholesale or franchise agreements.

Couche-Tard is the leader in the Canadian convenience store industry, operating under the Couche-Tard and Mac's brand names. It is one of the largest in North America with about 6,200 convenience stores, including some 4,600 with fuel.

It also has 2,300 stores in Europe through its acquisition of Statoil Fuel & Retail.