Parent of Circle K buying Texas-based CST Brands for $4.4B

Markets Associated Press

The parent company of the Circle K convenience store and gas station chain has agreed to buy San Antonio-based CST Brands in a $4.4 billion deal.

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Canada-based Alimentation Couche-Tard and CST Brands announced the agreement Monday following approval by their respective boards. The deal is expected to close in early 2017, subject to approval of CST Brands shareholders and regulators.

CST Brands is one of the largest independent retailers of motor fuel and convenience merchandise in North America. The company has more than 14,000 employees at over 2,000 locations in the U.S. and Canada.

A statement announcing the agreement says that Circle K, upon completion of the transaction, will establish a new business unit in San Antonio.