The deal brings 94 retail stores and 79 dealer locations, plus additional parcels of real estate for future new store construction under Casey’s operations. The all-cash purchase price was $580 million, and the deal was originally announced in November 2020. Included tax benefits valued at $80 million brought the net after-tax purchase price to $500 million.
The acquisition brings Casey’s total owned and operated convenience stores to more than 2,300 locations, Chain Store Age reported. Casey’s will divest six stores as part of the consent order with the Federal Trade Commission to conclude the deal.
“We are pleased to complete this transaction and welcome the Bucky's team to the Casey's family," Darren Rebelez, president and CEO of Casey's, said in a statement. "Steve Buchanan and his team have built up an extremely successful business, and Casey's is excited to bring our hand-made pizza program to these well-located, high-volume stores."
The acquisition of Buchanan Energy is part of Casey’s plan to add 345 convenience stores to its portfolio.