Casey’s Announces Agreement to Acquire 49 Oklahoma Stores

Rhea-AI Summary

Casey’s General Stores (NASDAQ: CASY) has announced an agreement to acquire 49 stores in Oklahoma from Circle K Stores Inc. for $39 million in cash. The deal involves 46 leased and 3 owned properties, expected to close in the fiscal quarter ending July 31, 2021. The new stores will be supplied by Casey’s distribution center in Joplin, MO, enhancing their operational capacity and market presence.

Positive

• Acquisition of 49 stores enhances market presence in Oklahoma.
• Transaction valued at $39 million supports growth strategy.
• New stores will be supplied by the upcoming distribution center in Joplin, MO, facilitating efficient supply chain operations.

Negative

• The cash acquisition could strain liquidity depending on existing financial conditions.
• -

Casey’s General Stores, Inc. (“Casey’s” or the “Company”) (NASDAQ: CASY), one of the leading convenience store chains in the United States, today announced an agreement to acquire 49 stores throughout Oklahoma from Circle K Stores Inc. in an all-cash transaction for $39 million. The transaction includes 46 leased properties and 3 owned properties and is expected to close in the fiscal quarter ended, July 31, 2021. These stores will be supplied by the company’s new distribution center in Joplin, MO.

About Casey’s General Stores
Casey's General Stores is a Fortune 500 company operating over 2,200 convenience stores in 16 states. Founded more than 50 years ago, the company has grown to become the fourth-largest convenience store retailer and the fifth-largest pizza chain in the United States. Casey’s provides freshly prepared foods, quality fuel and friendly service at every location. Guests can enjoy pizza, donuts, other assorted bakery items, and a wide selection of beverages and snacks. Learn more and order online at www.caseys.com, or in the mobile app.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210322005054/en/

FAQ

What is the significance of the Casey’s acquisition of Circle K stores?

The acquisition of 49 Circle K stores significantly boosts Casey's market presence in Oklahoma, positioning the company for future growth.

How much did Casey’s pay for the Circle K store acquisition?

Casey’s General Stores paid $39 million in cash for the acquisition of 49 Circle K stores.

When is the Casey’s acquisition of Circle K expected to close?

The acquisition is expected to close in the fiscal quarter ending July 31, 2021.

Where will the newly acquired Casey's stores get their supplies?

The newly acquired stores will be supplied by Casey’s new distribution center located in Joplin, MO.