Casey's to acquire 198 CEFCO stores for $1.145B cash; net after-tax $980M

CASEYS GENERAL STORES INC

Acquisition of Fikes Wholesale (CEFCO) includes 198 retail stores and a dealer network, expanding footprint to nearly 2,900 stores.
Net after-tax purchase price of $980M after $165M in tax benefits; multiple of ~11x CEFCO's pro forma adjusted 2023 EBITDA.
Expects ~$45M annual run-rate synergies from kitchen installations; transaction accretive to Casey's EBITDA in current fiscal year.
Transaction expected to close in Q4 2024, subject to HSR clearance and customary conditions.
Adds 148 stores in Texas and 50 in Alabama, Florida, and Mississippi, plus a fuel terminal and commissary.

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