Dallas-based Sunoco LP has cleared a key U.S. regulatory checkpoint in its proposed US$9.1 billion acquisition of Parkland Corporation, Canada’s largest independent fuel retailer. The deal is still under review by the Canadian government under the Investment Canada Act.
Under the Hart‑Scott‑Rodino Act, the mandatory U.S. waiting period has expired, allowing the companies to proceed to the next steps of the transaction. The companies anticipate closing the deal in Q4 2025, subject to final approvals.
Parkland operates roughly 4,000 retail and commercial fuel and convenience locations across Canada, the U.S., and the Caribbean. Its brands include Ultramar, Chevron, Pioneer, Fast Gas Plus, and Esso. Assets include the Burnaby, B.C., refinery and rights to the On the Run convenience store brand. Founded in 1977 in Red Deer, Alberta, Parkland went public on the Toronto Stock Exchange in 1984.
Parkland’s largest shareholder, Simpson Oil (19.6% stake), approved the deal after initially raising concerns. In June 2025, shareholders voted to accept Sunoco’s offer, with over 93% voting in favor.
Earlier in 2024, Parkland initiated a $500 million divestiture program, offering 100 properties and 57 leases for sale across Canada. Colliers has been tasked with marketing 157 retail and gas station locations to potential buyers. These divestitures stem from prior acquisitions, including stations purchased from Couche-Tard in 2017.
Canadian Government Review The Canadian government is reviewing the acquisition for its potential impact on energy security, jobs, and supply chains. When a foreign investor submits an application, the government generally has 45 days to notify whether the deal will undergo a national security review. If triggered, this review can take up to 200 additional days, or longer with the investor’s agreement.
If Canada rejects the deal, the acquisition cannot proceed, and Parkland would remain Canadian-owned. In that case, the company would pay Sunoco a C$275 million termination fee. Approval could also include conditions such as commitments to maintain Canadian operations, protect jobs, or secure domestic fuel supply.
