Convenience store company Murphy USA to acquire QuickChek for $645 million

Murphy USA Inc.
a gas station and convenience store company with 1,500 locations across the Southwest, Southeast and Midwest, announced Monday that it has agreed to acquire QuickChek in a $645 million all-cash transaction. The purchase price includes $20 million in expected tax benefits. Murphy will finance the deal using cash on hand, existing credit facilities and new debt. The Royal Bank of Canada has committed financing. QuickChek is a family-owned chain of convenience stores across northern and central New Jersey as well as the New York metro area. The company’s origins date back to 1888 with the delivery of dairy products. The deal is expected to be earnings accretive in 2022, the first full year of combined operations, and annual run rate synergies of $28 million are expected by the third year. The acquisition is expected to close in the first quarter of 2021. Murphy USA stock is up 7.5% over the last year while the S&P 500 index
is up 15.6% for the period.

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