Parkland Fuel buying 75 per cent stake in SOL Investments for $1.57 billion

CALGARY – Parkland Fuel Corp. says it will acquire a 75 per cent stake in SOL Investments Ltd., an independent fuel marketer in the Caribbean, for $1.57 billion under an agreement with its current owners.

SOL supplies and markets a total of 4.8 billion litres of fuel annually across 23 countries in the Caribbean.

Under the deal, SOL will continue to own 25 per cent of SOL Investments and acquire about 12.2 million shares of Parkland Fuel, one of Canada’s largest fuel distributors.

SOL Ltd.’s parent, the Simpson Group, will own a 9.9 per cent stake in Parkland.