Key Takeaways
- Sunoco agreed to buy Canadian fuel distributor Parkland in a $9.1 billion cash and stock deal.
- Shares of Sunoco slumped Monday, while Parkland traded higher in Toronto following the news.
- Sunoco is set to report its first-quarter earnings before the bell Tuesday.
Sunoco (SUN) on Monday said it reached a deal to acquire Canadian rival Parkland in a deal worth roughly $9.1 billion.
Shares of Sunoco fell close to 6% in New York, while Parkland shares rose over 5% in Toronto following the news. Sunoco shares have gained about 6% in 2025.
Under the terms of the deal, Parkland shareholders will receive 0.295 units of SUNCorp, the new combined company, and 19.80 Canadian dollars for each Parkland share. That represents a roughly 25% premium over the seven-day volume-weighted average price of both companies as of Friday, Sunoco said. The deal is expected to close in the second half of 2025.
Sunoco said the combination would be “immediately accretive” and that it plans to continue investing in Parkland’s low-carbon fuel refinery in Burnaby, British Columbia.
Sunoco is scheduled to its first-quarter results Tuesday before the opening bell.
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