Parkland Fuel Corporation ("Parkland" or the "Corporation") (TSX:PKI), a North American petroleum products marketer, today announced that it has successfully completed the previously announced acquisition of all outstanding shares of SPF Energy Inc. ("SPF"), the parent company of Farstad Oil Inc. ("Farstad") and Superpumper Inc. ("Superpumper"). For financial reporting purposes the effective date of the acquisition was January 1, 2014. All financial figures have been converted to Canadian dollars.
The total consideration for all outstanding shares of SPF was $113 million. The purchase price consisted of approximately $91 million cash and the issuance of 1.2 million common shares of Parkland. Share consideration was calculated using the volume weighted average price of $18.4761 for the five trading days immediately preceding the closing. The final adjusted purchase price will be determined post-closing, subject to customary adjustments.
"We are pleased to welcome the SPF Energy Team to Parkland," said Bob Espey, President and Chief Executive Officer of Parkland. "Our strategy is to grow in areas with strong future prospects where we can add value through our robust supply capability. SPF Energy provides a strong platform for further growth in the Northwestern United States.
Source: Marketwire
