Empire Petroleum agrees to buy fuel stations from Couche-Tard

Motor fuels distributor Empire Petroleum Partners has entered into a definitive asset purchase agreement with Couche-Tard's Circle K Stores Inc. and CST Brands, Inc. to acquire 70 Corner Store gas stations, according to a company release.

The acquisition, which is the largest in Empire's history, is expected to close during the summer of 2017 and boost the company's presence in the United States particularly in Colorado, Florida, Georgia, Louisiana, New Mexico, Texas, and Arizona.

To facilitate the purchase, Getty Realty Corp. is providing acquisition lease-back funding worth $123 million to Empire for 49 properties.

Circle K Stores agreed to sell the fuel stations to Empire to satisfy compliance with regulatory requirements associated with its acquisition of CST Brands, Inc.