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Murphy USA has reported an agreement to acquire QuickChek Corporation in an all cash transaction for USD 645 Million. The price includes expected tax benefits that is valued at USD 20 Million for a net after tax purchase value of USD 625 Million. The transaction is expected to be financed with cash on hand, new debt and existing credit facilities. Murphy USA has obtained committed financing from the Royal Bank of Canada. “In October we outlined an updated capital allocation strategy and committed to improving our food and beverage offer at existing and future sites,” said Murphy USA President and CEO Andrew Clyde. “This transaction greatly accelerates those efforts and benefits, and is expected to provide reverse synergies across our network, while enhancing future returns on new stores. The transaction is also expected to create direct synergies that leverage our enterprise scale and our dis
Convenience store company Murphy USA to acquire QuickChek for $645 million
Murphy USA Inc. , a gas station and convenience store company with 1,500 locations across the Southwest, Southeast and Midwest, announced Monday that it has agreed to acquire QuickChek in a $645 million all-cash transaction. The purchase price includes $20 million in expected tax benefits. Murphy will finance the deal using cash on hand, existing credit facilities and new debt. The Royal Bank of Canada has committed financing. QuickChek is a family-owned chain of convenience stores across northern and central New Jersey as well as the New York metro area. The company’s origins date back to 1888 with the delivery of dairy products. The deal is expected to be earnings accretive in 2022, the first full year of combined operations, and annual run rate synergies of $28 million are expected by the third year. The acquisition is expected to close in the first quarter of 2021. Murphy USA stock is up 7.5% over the l
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QuickChek sold to Arkansas company in $645M cash transaction newjerseyhills.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newjerseyhills.com Daily Mail and Mail on Sunday newspapers.