Sunoco LP is expected to close on its $9.1 billion acquisition of Parkland Corp. in the fourth quarter of this year, the companies each confirmed in their second-quarter earnings reports.
The deal would grow Dallas-based Sunoco’s total number of U.S. convenience stores from 76 to 272, according to store counts as of Jan. 1 from CSP’s Top 202 ranking.
Parkland shareholders approved the transaction on June 24, with more than 93% of votes cast in favor at the annual and special meeting.
Following the meeting, Calgary, Alberta-based Parkland received a final order from the Court of Kings’ Bench of Alberta’s approval and the parties have obtained Competition Act (Canada) clearance, Parkland said in a Tuesday news release on its earnings. The transaction continues to advance through the remaining regulatory review processes and other closing conditions, Parkland said.
In Sunoco’s earnings call on Wednesday, President and CEO Joe Kim said the companies are working diligently with the various regulatory agencies to get final approval.
“Since we announced the Parkland acquisition three months ago, we’re even more confident that we’ll deliver on the acquisition economics,” Kim said. “Parkland’s base business is solid and improving. In fact, Parkland announced yesterday a record second quarter, showing that they have improved maturely from their 2024 results. Combining the two companies will be a win for equity holders, debt holders, employees, as well as the countries we operate in.”
- 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 reported a delivered adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $369.6 million for second-quarter 2025, compared to $366.7 million in second-quarter 2024. Parkland USA delivered adjusted EBITDA of $18.9 million, compared to $34.2 million in the same quarter the prior year. This decrease was primarily driven by lower fuel unit margins, Parkland said.
“I want to thank the Parkland team for safely serving our customers to deliver record second-quarter results,” said outgoing Parkland President and CEO Bob Espey. “Our Canadian and International businesses continue to demonstrate strength and resilience, while strong supply optimization coupled with solid operations at the Burnaby refinery enabled us to capture above mid-cycle refining margins. These results reflect the run rate potential of Parkland's integrated platform and together with Sunoco, the combined scale is well positioned to grow cash flow for years to come.”
Kim said Sunoco will provide more specific details on the Parkland acquisition as the process plays out, but for now, he told investors, Sunoco was “highly confident” that it will deliver double-digit accretion while maintaining a strong balance sheet.
Karl Fails, Sunoco’s COO, in response to an investor’s question, said the company feels “as good or better about the acquisition in totality than we did when we announced it.”
He said the company feels confident in achieving $250 million in synergies by year three.
Sunoco reported adjusted EBITDA for the second quarter of 2025 as $454 million compared to $320 million in the second quarter of 2024.
Sunoco LP is a master limited partnership (MLP) that operates or franchises retail fuel sites and convenience stores, most under the APlus banner. In addition, the company distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors.
Parkland is an international fuel distributor, marketer and convenience retailer with operations in 26 countries across the Americas. It is the second-largest c-store operator in Canada, with 650 retail outlets and 1,830 dealer sites. Parkland USA operated 196 U.S. c-stores as of Jan. 1, under brands including On the Run.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.