The merged company Arco Corp. Dual-traded on the Nasdaq and the Tel Aviv Stock Exchange at a value of about NIS 4 billion.
Meanwhile, Arco is updating on an agreement to acquire a retail business that includes 61 convenience stores and self-operating gas stations in the Midwest in the United States for a total consideration of approximately $ 102 million
Eric Kotler, CEO of Arco Corp. and Arco Holdings: “The company thanks the bondholders who have trusted the company over the years. At the same time, we are updating today on an agreement to purchase 61 convenience stores and gas stations in the Midwest in the United States, as part of the growth strategy through acquisitions, while maintaining local brands. To Arco’s shareholders “
Arco Holdings, a wholly owned subsidiary of Arco Corp., Updates that the company’s board of directors has decided to make a full early redemption for the company’s bonds (Series C) traded on the Tel Aviv Stock Exchange. The amount of the fund redeemed by the company will be NIS 243 million. NIS 264 million The redemption is planned for March 30, 2021, when with the execution and deletion of the bonds, Arco Holdings will cease to be a reporting corporation.
At the same time, Arco updates that GPM, which it controls, has entered into an agreement to acquire retail operations that include 61 convenience stores and self-operated gas stations in the Midwest in the United States for a total consideration of $ 102 million plus inventory and cash at the sites.
The engagement is a continuation of the company’s report from last November regarding a letter of intent not binding for the purchase. Completion of the transaction is subject to the existence of conditions precedent and is scheduled to take place during the first half of 2021.