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Laval, Quebec, Alimentation Couche-Tard has signed agreements to purchase 236 sites from Shell Oil Products U.S. and its affiliate Motiva Enterprises through an indirect wholly owned subsidiary, Circle K Stores Inc. Should the transaction close as expected, the company evaluates that the assets would add approximately 340 million gallons in motor fuel volume sales and approximately $120 million in merchandise sales and contribute to its earnings on an annualized basis. This transaction is expected to close before the end of the 2006.
The company plans to invest approximately $45 million over the next five years, of which $25 million will be invested within the first 18 months to either rebuild or renovate the stores at such sites in accordance with Circle K standards.