Parkland shareholders greenlight $9.1bn Sunoco acquisition
Acquisition marks a significant transformation in the North American fuel landscape.
Parkland Corporation shareholders have voted overwhelmingly in favor of a US$9.1 billion acquisition by U.S.-based Sunoco LP, marking a significant transformation in the North American fuel landscape. With 93.46% of votes supporting the deal, the transaction will create the largest independent fuel distributor in the United States, combining Parkland’s vast retail, commercial, and renewable operations with Sunoco’s extensive U.S. footprint.
Under the agreement, each Parkland share will be exchanged for C$19.80 in cash and 0.295 of a Sunoco unit, in a transaction that includes the assumption of debt. The deal follows a strategic review launched by Parkland in March, prompted by sustained pressure from major shareholders Simpson Oil and activist fund Engine Capital, both calling for a reassessment of the company’s value creation strategy.
Calgary-based Parkland brings a robust network of approximately 4,000 retail and commercial fueling locations across Canada, the U.S., and the Caribbean. Beyond traditional fuels, the company has invested in a range of energy solutions to support lower-emission goals, including renewable fuel manufacturing, ultra-fast EV charging infrastructure, carbon credits and renewables programs, and solar energy.
The acquisition also includes Parkland’s 55,000-barrel-per-day Burnaby refinery in British Columbia, which supplies about 25% of the province’s transportation fuel needs—giving Sunoco a key foothold in Canada’s western energy market.
The transaction, expected to close in the second half of 2025, remains subject to approval under the Investment Canada Act and clearance for Sunoco’s listing on the New York Stock Exchange. Shareholders also voted in favor of Parkland’s nominated board members, concluding a contentious proxy fight and signaling broad support for the company’s path forward.
