Gasoline and convenience merchandise retailer Murphy USA has acquired convenience retailer Quick Chek Corporation (QuickChek) in a $645m all-cash transaction.
The acquisition is in line with Murphy USA’s updated capital allocation strategy announced in October.
Based in Whitehouse Station, New Jersey, QuickChek operates 157 fresh convenience market stores.
As part of this transaction, all the stores will become part of Murphy USA, taking its total station count to more than 1,650.
Murphy USA president and CEO Andrew Clyde said: “We are extremely excited to welcome nearly five thousand QuickChek employees to the Murphy USA family as we begin our joint value-creation journey together.
“The future remains bright for the combined organisation as we kick off the first 100 days of our integration plan where best practices and unique capabilities across each company will contribute to a more compelling value proposition for our customers, our employees, and our stakeholders.”
The transaction comes a month after the two companies announced agreement the deal, which includes expected tax benefits valued at $20m for a net after-tax purchase price of $625m.
Murphy USA secured the $350m five-year revolving credit facility, $400m secured term loan, which in 2028 and $500m senior unsecured notes in 2031.
RBC Capital Markets served as the exclusive financial advisor, while Davis Polk & Wardwell represented Murphy USA as legal advisor for the transaction.
Murphy USA is a gasoline and convenience merchandise retailer operating 1,500 locations.