Convenience store operator Alimentation Couche-Tard (TSX:ATD.B) is selling nearly 50 stores representing 4% of its North American network.
The Laval, Quebec-based company has struck a deal to sell 49 stores in Oklahoma to Casey's General Stores for $39 million U.S. The deal includes 46 leased and three owned properties and is expected to close by July 31 of this year, according to Couche-Tard.
The company also said it has hired a real estate advisory firm to help with the sale of 306 other sites across North America following a strategic review. Couche-Tard operates 15,000 stores in 26 countries throughout North America, Europe and Asia.
The retailer has identified many opportunities to expand by building new stores, enlarging others, improving store layouts and enhancing sales of fresh food. Stores up for sale include 269 locations across 25 states in the U.S. and 37 sites across six provinces in Canada.
The deal with Casey's comes more than a decade after the Iowa-based chain rejected a hostile takeover bid from Couche-Tard.
