Benzinga | Sep 28, 2021 02:58PM EDT

Casey's To Acquire 40 Pilot Convenience Stores For $220M

* Casey's General Stores Inc (NASDAQ:CASY) has agreed to acquire 40 Pilot convenience stores from Pilot Corporation in an all-cash transaction for $220 million.

* Casey's expects the deal to expand its presence in Tennessee and Kentucky.

* "These stores have a track record of strong performance, and are high-quality assets that will be a great fit for Casey's fresh food program, especially our handmade pizza," said CEO Darren Rebelez.

* Casey's to fund the transaction with cash on hand and bank financing. It held $198.9 million in cash and equivalents as of July 31, 2021.

* Price Action: CASY shares are trading lower by 0.04% at $190.87 on the last check Tuesday.