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JERUSALEM, July 13 (Reuters) – Haymaker Acquisition Corp II agreed to Israeli compatriot Arko Holdings and its U.S. convenience store chain GPM in a $1.5 trillion deal that would charge the combined entity, the companies said Monday.
Arko owns 68% of GPM Investments, which operates 1,272 retail convenience and fuel stores for materials in 128 locations in 23 U.S. states. Haymaker is a special target vehicle created to make an acquisition in the Jstomer industries.
“We expect institutional investors and long-term control to make larger critical actions to an attractive valuation relative to their U.S. indexed peers,” said Steven Heyer, Haymaker’s CEO.
Haymaker said it will continue to expand the flat form of GPM and pursue strategic projects, Arko CEO Arie Kotler.
GPM said the expansion accelerated COVID-1’s nine pandemic as consumers switched their food shopping habit to convenience retailers on other channels and would make more profit if more trips to the United States switched planes to driving.
Under the agreement, Haymaker would pay $200 million in cash, of which $150 million would pass to Arko’s shareholders and the rest to the remaining shareholders of GPM. Arko shareholders will also retain 40% of the combined company.
Haymaker and Arko said they would announce additional data on the merger when a final deal is signed, in the third quarter, and the deal is expected to be finale by the end of 2020.
If the deal materialized, Arko would be indexed from the Tel Aviv Stock Expo and the combined apple would be indexed on the U.S. Nasdaq. The agreement will require approval from corporate forums and shareholders, as well as regulators. (Reports through Steven Scheer; Edited through David Clarke)