Casey's General Stores Inc. (CASY) Thursday said it reached a definitive purchase agreement to acquire five convenience stores from QuikTrip Corporation. All of the stores are located in the Springfield Missouri metropolitan area operating under the QuikTrip banner. The stores would be immediately rebranded to Casey's once the transaction is completed.
The company expects the acquisition to be immediately accretive to earnings in their first full year of operation. The transaction is expected to close in the company's first quarter of the fiscal 2012 year and would be funded by existing cash and cash flow.
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