Casey's to acquire Springfield QuikTrip locations

Ankeny, Iowa-based Casey's General Stores Inc. (Nasdaq: CASY) on March 3 announced it has signed a definitive purchase agreement to acquire five QuikTrip Corp. convenience stores in the Springfield metropolitan statistical area, according to a news release.

Financial terms of the deal were not disclosed.

The acquisition is expected to close, following regulatory approval, in Casey's first quarter of fiscal 2012, which begins in May.

Once the sale closes, the stores will be rebranded under the Casey's name, the release said.

“Springfield has been a great market for Casey’s, and we are excited to expand our presence there,” Robert Myers, Casey's president and CEO, said in the release. “These stores have been well maintained and are high-volume locations that will be a perfect fit for our proprietary prepared food program.”

Casey's already has four Springfield locations, one in Willard and one in Nixa, according to its Web site.

News of Tulsa, Okla.-based QuikTrip Corp. exiting the Springfield area came to light in October, with officials saying the stores no longer fit the company's long-term plans.

Casey's General Stores Inc. shares were trading at $41.27 as of 11:36 a.m., compared to a 52-week range of $29.45 to $44.67.[[In-content Ad]]