Kum & Go and Casey's General Stores Inc. announced today they have signed an Asset Purchase Agreement for Casey's to acquire 22 convenience stores from Kum & Go. The stores are located in Iowa, Missouri and North Dakota.
"These stores are an excellent fit to our existing store base and will allow us an opportunity to operate in a new state," said Robert J. Myers, president and CEO of Casey's. "We expect this acquisition to be accretive in the first year of operation and enhance future earnings as we integrate our prepared food operations."
The acquisition is subject to certain regulatory approvals and other customary closing conditions, including the receipt of satisfactory inspection reports related to the stores. The transaction is expected to close in November 2012.
The announcement comes a day after Casey's announced its first quarter fiscal 2013 results, which were lifted by an increase in pizza delivery services.
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