Sunoco, Parkland Secure Canada’s Approval for $9.1 Billion Acquisition

Canada has approved Sunoco’s $9.1 billion acquisition of Parkland Corp., clearing a key hurdle for the transaction expected to close later this year and expand Sunoco’s fuel infrastructure across North America.

(P&GJ) — Sunoco LP and Parkland Corp. have received approval from the Government of Canada for their proposed $9.1 billion acquisition, meeting one of the final regulatory requirements under the Investment Canada Act.

The deal, first announced in May 2025, calls for Sunoco to acquire all outstanding shares of Parkland in a cash-and-equity transaction valued at about $9.1 billion, including assumed debt. The transaction is expected to close in the fourth quarter of 2025, subject to remaining approvals and customary closing conditions.

Under the terms of the agreement, Parkland shareholders will receive a combination of cash and shares in a new publicly traded Delaware entity, SUNCorp, LLC, which will hold Sunoco partnership units.

Sunoco said the deal will enhance its fuel supply network and expand its Canadian infrastructure footprint. The company plans to maintain Parkland’s Calgary headquarters and invest in the Burnaby Refinery, which produces low-carbon fuels.

Both companies’ boards unanimously approved the deal earlier this year.