Canadian fuel marketer and distributor Parkland Fuel Corp. said Jan. 8 that it closed the previously announced acquisition of 75% of the shares of SOL Investments Ltd. for C$1.57 billion.
Parkland said the acquisition will allow Sol to "effectively contribute" to the company's earnings for the calendar year of 2019. The firm will also update its 2019 guidance when it releases its year-end results of 2018.
"The assets and infrastructure we have acquired are proven, well known, and will enable Parkland to extend its supply advantage into a new region," Parkland's president and CEO Bob Espey said.
Parkland's vice president of corporate development and former head of supply, trading & refining, Pierre Magnan, will take over as president for Parkland International and will oversee the Sol business from the Grand Cayman.