M&As this week: Alimentation Couche-Tard, ONGC


Alimentation Couche-Tard has agreed to acquire all issued and outstanding shares of Holiday Stationstores and certain affiliated companies (Holiday).

Holiday owns 522 stores, a food commissary, and a fuel terminal located in Newport, Minnesota. The company offers services in ten states of the US, including Minnesota, Wisconsin, Washington, Idaho, Montana, Wyoming, North Dakota, South Dakota, Michigan and Alaska.

Couche-Tard has appointed Cleary Gottlieb Steen & Hamilton as the legal adviser for the transaction.

"Oil and Natural Gas Corporation (ONGC) plans to acquire the Government of India’s (GoI) 51.11% interest in Hindustan Petroleum Corporation (HPCL). The transaction is estimated to be valued at approximately $4.4bn, according to sources."

Scheduled for completion in the fiscal year 2018, the transaction will allow Couche-Tard to expand its fuel retailing business.

Oil and Natural Gas Corporation (ONGC) plans to acquire the Government of India’s (GoI) 51.11% interest in Hindustan Petroleum Corporation (HPCL). The transaction is estimated to be valued at approximately $4.4bn, according to sources.

HPCL owns and operates Mumbai and Visakhapatnam refineries, which have a capacity of 6.5mmtpa and 8.3mmtpa respectively. The company also owns and operates the Lube Refinery with a capacity of 428,000 metric tonnes of lube-base oils.

Scheduled for completion by the end of fiscal year 2018, the transaction will allow ONGC to strengthen its business operations.