Business / Published May 10, 2023

Copec agreed to sell MAPCO Express in the US

Through a Relevant Fact, Empresas Copec announced that the subsidiary agreed to sell 100% of the shares of MAPCO Express Inc., a company acquired in 2016 that operates a network of 304 service stations and convenience stores in North America.

The transaction price is approximately USD$725 million, which is subject to customary adjustments for this type of transaction. The acquisition would be carried out by Circle K Stores Inc., a subsidiary of Alimentation Couche-Tard, Inc.; and Marvin Hewatt and Dustin Hewatt, majority shareholders of Majors Management.

Copec estimates that the transaction, which is expected to close during the last quarter of the year, would have a positive impact on its results, with a profit of around US$100 million before taxes.

With this sale, Copec seeks to concentrate its efforts on its operations in Latin America, strengthening its value proposition and enhancing the company’s new businesses throughout the region.

The sale is subject to the fulfillment of conditions customary for this type of transaction, including the approval by competent authorities.

To read the Relevant Fact, click here.