On May 5, 2025, Sunoco LP agreed to acquire Parkland Corporation in a cash-and-equity transaction valued at approximately US$9.1 billion (C$12.4 billion), including assumed debt. Parkland shareholders will receive 0.295 SunocoCorp units and C$19.80 per share, with alternatives for full cash (C$44.00) or full equity (0.536 SunocoCorp units), subject to proration. The deal, which implied a 25% premium, included commitments to retain Parkland’s Calgary headquarters, maintain employment in Canada, and continue investing in the Burnaby refinery and national infrastructure.

The transaction, unanimously recommended by Parkland’s board and special committee, followed a strategic review launched in March 2025. Parkland directors and senior officers holding 0.7% of shares committed their support. A C$275 million break fee applied under certain conditions.

Sunoco completed the acquisition on October 31, 2025. Parkland shares are expected to be delisted from the Toronto Stock Exchange at the close of markets on November 4, 2025, and will continue to trade until then. The Common Units of SunocoCorp LLC (“SunocoCorp”) to be received by Parkland shareholders will begin trading on the New York Stock Exchange under the ticker symbol “SUNC” on November 6, 2025, following settlement and allocation.

Advisors included Goldman Sachs Canada Inc., BofA Securities, BMO Capital Markets, Norton Rose Fulbright Canada LLP, Torys LLP, Barclays, RBC Capital Markets, Stikeman Elliott LLP, Weil, Gotshal & Manges LLP, Vinson & Elkins LLP, and McCarthy Tétrault LLP.