August 22, 2016 / 11:17 AM / in 2 years

Canada's Alimentation Couche-Tard to buy CST Brands in $4.4 bln deal

Aug 22 (Reuters) - Canadian convenience store operator Alimentation Couche-Tard Inc said on Monday it agreed to buy U.S. convenience store retailer CST Brands Inc in a deal valued at about $4.4 billion, including debt.

Couche-Tard is offering CST Brands shareholders $48.53 per share in cash, representing a premium of 2.15 percent to the stock’s Friday close.

The offer represents a premium of 41.9 percent to CST’s closing price on March 3, the last trading day before the company said it would explore strategic alternatives.

Couche-Tard also agreed to sell some Canadian assets of CST for about $750 million, after the deal closes. (Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

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