Casey's said it entered into an Equity Purchase Agreement on July 25, 2024 with Fikes Wholesale, Inc. and Group Petroleum Services, Inc. to acquire 100% of their equity for cash of $1.145 billion, subject to customary post-closing adjustments.

1. 01

   Casey's said it entered into an Equity Purchase Agreement on July 25, 2024 with Fikes Wholesale, Inc. and Group Petroleum Services, Inc. to acquire 100% of their equity for cash of $1.145 billion, subject to customary post-closing adjustments.

2. 02

   The company said the acquisition will include 198 retail stores and a dealer network, which will bring its store count to nearly 2,900. Of the stores, 148 are in Texas, and 50 are in Alabama, Florida and Mississippi.

3. 03

   The company said the purchase price includes tax benefits of about $165 million, bringing the net after-tax purchase price to $980 million, or about 11 times CEFCO's pro forma adjusted 2023 EBITDA. It plans to fund the deal with cash on hand and bank financing.

4. 04

   The company said the transaction is subject to customary closing conditions, including the expiration or termination of the Hart-Scott-Rodino waiting period, and expects it to close in the fourth quarter of calendar 2024.

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