Parkland Corporation and Sunoco have overcome a key regulatory hurdle as their proposed US$9.1-billion merger proceeds towards the finish line.

The companies announced the expiration of the waiting period under the American Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) in connection with Sunoco’s pending acquisition of Parkland.

“The expiration of the waiting period under the HSR Act satisfies an important regulatory approval necessary for the completion of the transaction, which is expected to close in the fourth quarter of 2025, subject to obtaining other regulatory approvals and the satisfaction of certain customary closing conditions,” said the companies in a news release.

Parkland and Sunoco shareholders approved the proposed friendly takeover of the Calgary-based fuel retailer and convenience-store chain owner during the summer.

That approval came after activist investor and majority shareholder Simpson Oil backed the deal earlier in June after waging a two-year boardroom battle with Parkland. The sale agreement resulted after Simpson won a key court decision that gave it a say in the company’s future.

But fellow dissident shareholder Engine Capital rejected the proposed agreement.

Parkland operates about 4,000 gas stations and electric-vehicle charging sites across Canada, the U.S., and the Caribbean. The company also owns the On the Run convenience-store chain and M&M Food Market, along with an oil refinery in Burnaby, B.C.

If all goes according to plan, the transaction will include cash, stock and debt. U.S.-based Sunoco plans to take Parkland private.

Pictured: On the Run convenience store.

Photo: Parkland