Convenience store company Couche-Tard buying 236 outlets in U.S.

Convenience store operator Alimentation Couche-Tard Inc. said Thursday it has purchased 236 stores and gas stations from Shell Oil.

The companies did not disclose the cost of the outlets.

The sale will add about 340 million gallons to Alimentation Couche-Tard Inc.'s gasoline sales and about $120 million US in merchandise sales annually to its chain of Circle K stores.

Montreal-based Couche-Tard is the largest convenience store operator in Canada and the third biggest in North America.

The company has over 5,200 stores in Canada and in the United States.

The company said it will invest about $45 million US over the next five years into the new locations.

Couche-Tard shares were up 99 cents to finish at $24.34on the TSX.