The US Federal Trade Commission announced on Tuesday, August 25, it had approved Israel-based Arko Holdings’s acquisition of Empire Petroleum Partners with conditions.
Arko, majority owner of US convenience store chain GPM, and Delaware-based Empire, a wholesale fuel distributor and operator of retail fuel and convenience stores, have agreed to sell retail fuel assets in Indiana, Maryland, Michigan, and Texas as a condition of the merger.
Upon completion of the deal, GPM will operate 1,350 filling stations and convenience stores and supply fuel to 1,590 stations operated by others in 33 US states.
The deal, expected to close in the first half of 2020, will double the amount of fuel GPM supplies annually to 2.2 billion gallons. GPM will finance the deal with a credit line from US banks.
Full Content: Bloomberg
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