StockMarketWire.com - Applegreen reached an agreement to acquire a leasehold interest in certain forecourt retail assets of Lehigh Gas Wholesale, CrossAmerica Partners and their affiliates.

'We believe that this acquisition represents an opportunity to establish a significant presence in another market in the USA while leveraging our existing management and operational capabilities,' the company said.

Under the terms of the Transaction, Applegreen would enter into an initial 10-year lease agreement with the companies to lease the property assets and commence trade at the service stations, with 'favourable terms and extension options negotiated in order to allow for a low risk expansion of Applegreen's presence in the USA.'

The assets included a total of 46 sites with a significant number of these sites concentrated in and close to the greater Minneapolis and St Paul metropolitan area.

Completion of the transaction, which is subject to a number of conditions and, pending satisfaction of those conditions, is expected to complete in the third quarter of the year.




At 10:16am: [LON:APGN] Applegreen Plc share price was 0p at 476.5p



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