Convenience store chain Casey's General Stores, Inc. (CASY) announced Tuesday an agreement to acquire 40 Pilot convenience stores from Pilot Corp. in an all-cash transaction for $220 million.
The 40 Pilot stores will extend Casey's presence in Tennessee and Kentucky with well-established locations primarily in the attractive Knoxville, Tennessee, market.
Casey's will fund the transaction with a combination of cash on hand and bank financing. The transaction is subject to customary closing conditions and regulatory approvals, including Hart-Scott-Rodino clearance.
Pilot's convenience stores are owned and operated independently from its travel center and energy businesses and were not included in the Berkshire Hathaway transaction.
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