CrossAmerica Partners LP completed the acquisition of 5% stake in CST Fuel Supply LP from CST Brands, Inc..
January 01, 2015 at 04:00 am
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CrossAmerica Partners LP (NYSE:CAPL) agreed to acquire 5% stake in CST Fuel Supply LP from CST Brands, Inc. (NYSE:CST) for $50.6 million in stock on December 16, 2014. Under the terms, CrossAmerica will issue 1.5 million shares as consideration shares for the acquisition. The independent executive committee of the Board of Directors of CST Brands and the independent conflicts committee of the Board of Directors of the general partner of CrossAmerica have approved the transaction. The deal will become effective on January 15, 2014. Evercore Partners Inc. (NYSE:EVR) acted as financial advisor to CrossAmerica Partners LP. Gislar Donnenberg of Paul Hastings LLP acted as legal advisor for CST Brands, Inc.
CrossAmerica Partners LP (NYSE:CAPL) completed the acquisition of 5% stake in CST Fuel Supply LP from CST Brands, Inc. (NYSE:CST) on January 1, 2015.
CrossAmerica Partners LP is a wholesale distributor of motor fuels, convenience store operator, and owner and lessee of real estate used in the retail distribution of motor fuels. The Company operates through two segments: Wholesale, and Retail. The Wholesale segment includes the wholesale distribution of motor fuel to lessee dealers and independent dealers. The Retail segment includes the retail sale of motor fuel at retail sites operated by commission agents and the sale of convenience merchandise items and the retail sale of motor fuel at company operated sites. The Company distributes motor fuel on a wholesale basis to approximately 1,700 sites located in 34 states. The Company owns or leases approximately 1,100 sites, of which it operates 295 as company operated sites. The Company distributes branded motor fuel under the Exxon, Mobil, BP, Shell, Sunoco, Valero, Gulf, Citgo, Marathon, and Phillips 66 brands to its customers.
CROSSAMERICA PARTNERS LP 
