Parkland Corporation and Sunoco LP Receive Investment Canada Act Approval

USA - English

• USA - English

CALGARY, AB, Oct 14, 2025 /PRNewswire/ - Parkland Corporation ("Parkland") (TSX: PKI) and Sunoco LP (NYSE: SUN) ("Sunoco" or the "Partnership") today announced that the Government of Canada has approved the previously announced proposed acquisition of Parkland by Sunoco (the "Transaction"), in accordance with the terms of the Investment Canada Act.

The Transaction is expected to close in the fourth quarter of 2025, subject to obtaining certain remaining regulatory approvals and the satisfaction or waiver of customary closing conditions.

About Parkland Corporation

Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Parkland's retail network meets the fuel, and convenience needs of everyday consumers. Parkland's commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting its customers' needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, Parkland has developed supply, distribution, and trading capabilities to accelerate growth and business performance.

Parkland's strategy is focused on two interconnected pillars: its Customer Advantage and its Supply Advantage. Through its Customer Advantage, Parkland aims to be the first choice of its customers through its proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and compelling loyalty program. Parkland's Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which it operates, through its well-positioned assets, significant scale, and deep supply and logistics capabilities. Parkland's business is underpinned by our people and our values of safety, integrity, community, and respect, which are embedded across its organization.

About Sunoco LP

Sunoco LP (NYSE: SUN) is a leading energy infrastructure and fuel distribution master limited partnership operating in over 40 U.S. states, Puerto Rico, Europe, and Mexico. The Partnership's midstream operations include an extensive network of approximately 14,000 miles of pipeline and over 100 terminals. This critical infrastructure complements the Partnership's fuel distribution operations, which serve approximately 7,400 Sunoco and partner branded locations and additional independent dealers and commercial customers. SUN's general partner is owned by Energy Transfer LP (NYSE: ET).

Forward-Looking Statements

Certain statements contained herein constitute forward-looking information and statements (collectively, "forward looking statements"). When used in this news release, the word "expect", "subject to" and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the completion of the Transaction and the timing thereof.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. These forward-looking statements speak only as of the date hereof. Neither Parkland nor Sunoco undertakes any obligation to publicly update or revise any forward-looking statements except as required by securities laws. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, regulatory, market and business conditions; the completion of the Transaction on the anticipated terms and timing, or at all, including obtaining certain remaining regulatory approvals and the satisfaction or waiver of customary closing conditions; actions by persons or others; the risk that disruptions from the Transaction will harm Sunoco's or Parkland's business, including current plans and operations and that management's time and attention will be diverted on Transaction-related issues; potential adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, resulting from the Transaction; the potential for modification or adjustment of the arrangement agreement governing the terms of the Transaction; potential business uncertainty, including the outcome of commercial negotiations and changes to existing business relationships during the pendency of the Transaction that could affect Sunoco's and/or Parkland's financial performance and operating results; and certain restrictions during the pendency of the Transaction that may impact Parkland's ability to pursue certain business opportunities or strategic transactions or otherwise operate its business. See also the risks and uncertainties described (i) under the headings "Cautionary Statement Regarding Forward-Looking Information" and "Risk Factors" in Parkland's current Annual Information Form dated March 5, 2025, under the headings "Forward-Looking Information" and "Risk Factors" in the Q2 Management's Discussion and Analysis dated August 5, 2025, and under the heading "Risk Factors" in Parkland's management information circular and proxy statement dated May 26, 2025, each as filed on SEDAR+ and available on Parkland's website at www.parkland.ca, (ii) in Item 1A of Sunoco's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") on February 14, 2025 and in Item 1A of Sunoco's Quarterly Reports on Form 10-Q, filed with the SEC on May 8, 2025 and August 7, 2025.

The forward-looking statements contained herein are expressly qualified by this cautionary statement. 

SOURCE Parkland Corporation