Parkland Corp.’s shareholders have approved Sunoco LP’s proposal to acquire the fuel marketer and convenience-store chain. More than 93% of shareholders voted in favor of the acquisition Tuesday at Parkland’s annual and special meeting of shareholders, the company said.
Sunoco LP announced on May 5 that it planned to buy Parkland Corp., Calgary, Alberta, for $9.1 billion. This came two months after Parkland announced a strategic review of its business.
Parkland said in a news release Tuesday that all matters presented at the annual and special meeting of Parkland shareholders were approved, including the resolution approving the arrangement with Sunoco and the election of all 10 nominees to its board. Members elected to the board are outgoing Parkland CEO Robert Espey, Felipe Bayon, Nora Duke, Sue Gove, Timothy Hogarth, Richard Hookway, Michael Jennings, Angela John, James Neate and Mariame McIntosh Robinson.
The Sunoco transaction was already unanimously approved by Parkland’s board of directors. After the shareholder approval, it still awaits court green lights. The deal is expected to close in the second half of 2025.
- Parkland USA is No. 42 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count. Sunoco LP is No. 96.
Parkland is the second-largest c-store operator in Canada, with 650 retail outlets and 1,830 dealer sites. The company operates about 211 U.S. stores under Parkland USA.
Dallas-based Sunoco sold 204 c-stores to 7-Eleven Inc. in January 2024, including Stripes convenience stores and Laredo Taco Company restaurants, for approximately $1 billion. That left Sunoco with 75 company-owned retail stores, including 54 Aloha Island Mart c-stores in Hawaii.
Sunoco had tried to buy Parkland before—first in July 2023 and then in August 2023, according to a presentation released ahead of Tuesday’s shareholder meeting. Parkland’s board said the first offer undervalued the company and posed “a number of issues for certain shareholders.” And the second offer did not resolve structural issues and still undervalued the company, an ad hoc working group created to review the revised proposal said.
The third proposal came in April, and the final terms of the deal were agreed to in May.
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