Casey’s General Stores Inc. has signed a definitive purchase agreement to acquire five convenience stores from QuikTrip Corp.
The five stores are located in the Springfield, Mo., metropolitan area operating under the QuikTrip banner. The stores are expected to immediately rebranded to Casey’s once the transaction is completed.
“Springfield has been a great market for Casey’s, and we are excited to expand our presence there,” said Robert Myers, president and CEO of Casey’s. “These stores have been well maintained and are high volume locations that will be a perfect fit for our proprietary prepared food program.”
Casey’s expects this acquisition to be immediately accretive to earnings in its first full year of operation. The acquisition is subject to certain regulatory approvals and other customary closing conditions. The transaction is expected to close in the company’s first quarter of the fiscal 2012 year and will be funded by existing cash and cash flow