Couche-Tard buys Circle K's Hong Kong business for $361m
Circle K currently has 340 stores in the city.
Convenience Retail Asia Limited (CRA) has agreed to sell its Circle K convenience store business in Hong Kong to Canada-based Alimentation Couche-Tard (ACT) for an estimated $361.10m (HK$2.8b), according to a press release.
Upon completion, CRA intends to declare a Special Cash Dividend of $0.50 (HK$3.85) per share.
Circle K began operating in Hong Kong in 1985 and the stores are managed by CRA, which under a franchise agreement with Couche-Tard, holds the exclusive right to the use of the Circle K brand in Hong Kong. Currently it has 340 stores in Hong Kong.