North American convenience store operator Alimentation Couche-Tard has completed the acquisition of Convenience Retail Asia (CRA).
The acquisition follows an initial agreement announced by Couche-Tard to buy the business in a deal valued at HK$2.79bn ($359.80m) on 4 November 2020.
CRA is the operator of Circle K convenience stores in Hong Kong, Saint Honore Cake Shops in Hong Kong, Macau and Guangzhou, and Zoff eyewear stores in Hong Kong.
Circle K HK operates Circle K-licensed convenience stores network, with 340 company-operated sites in Hong Kong and 33 franchised sites in Macau.
The acquisition is in line with Couche–Tard’s regional growth ambitions.
Couche-Tard president and CEO Brian Hannasch said: “Circle K Hong Kong is one of the best convenience store operators in Asia and will be an excellent fit within our company.
“We are pleased to have completed this transaction rapidly and are excited to work with our new teams to advance our growth strategy in the region.”
Following the completion of the deal, Circle K HK’s executive director and chief operating officer Pak Chi Kin has resigned from the company immediately.
Pak will join the Target Group and direct his efforts towards the Convenience Store Business.
Couche-Tard had 9,261 convenience stores across North America as of 11 October 2020.