Convenience store operator and fuel wholesaler ARKO announced that concerns regarding five ExpressStop locations acquired in a 60-store transaction last year have been resolved after the Federal Trade Commission (FTC) approved a consent agreement.
ARKO fully cooperated with the FTC throughout the course of the process and has noted that that the FTC acted with professionalism and dedication to resolve the issue.
As a show of good faith during this process, ARKO never acquired fee title to the real estate on which the five stores included in the consent agreement are located, to allow the FTC time to evaluate the transaction.
The company engaged proactively during the FTC’s review of the non-compete agreement entered into with the seller to alleviate the FTC’s concerns regarding any restrictions. Additionally, once the FTC stated its preference regarding the stores, the company agreed immediately to divest them.
Ultimately, in the full spirit of cooperation, the seller agreed to take back operational control of the five stores included in the consent agreement and ARKO agreed to restrict the scope of its existing and future non-compete agreements.
ARKO does not believe any aspect of this transaction harmed competition or violated any laws and has already taken steps to comply with the consent agreement.