International News - Couche-Tard picks up Circle K in $830m deal

Canadian c-store business Couche-Tard has acquired US chain Circle K in a US$830.3 million (£496.8 million) deal.

Couche-Tard is the convenience market leader in Canada and the acquisition of Circle K makes it the fourth biggest c-store player in North America.

The move gives Couche-Tard an additional 1,663 stores and 392 franchised and licensed stores. The retailer has 4,630 outlets in Canada.

Couche-Tard chief executive Alain Bouchard said: 'When we looked at Circle K, we immediately saw the possible synergies that could be achieved by this transaction, including those in purchasing that would be possible by uniting our two companies.'

Circle K has been trading in the southern US for more than 50 years.