Parkland, Sunoco clear key U.S. regulatory hurdle for acquisition
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CALGARY – Parkland Corp. and Sunoco LP say they have cleared a key U.S. antitrust hurdle in a US$9.1-billion deal that would see the U.S. fuel distribution giant buy the Calgary-based refiner and retailer.
The two companies say the waiting period has expired under the Hart-Scott-Rodino Act, satisfying one regulatory approval that’s needed for the deal to close.
Under the act, companies planning to merge can’t complete certain integration activities until authorities determine the deal will not harm competition.
Parkland and Sunoco announced the friendly cash-and-stock deal, which includes debt, in May following a bitter proxy battle with investors in the Canadian company.
Parkland owns the Ultramar, Chevron and Pioneer gas station chains as well as several other brands in 26 countries. It also runs a refinery in Burnaby, B.C.
The acquisition is expected to close in the fourth quarter of this year, subject to other regulatory approvals, including under the Investment Canada Act.
This report by The Canadian Press was first published Sept. 22, 2025.
Companies in this story: (TSX:PKI)