Walkers Acts on Parkland's $1.21 Billion Acquisition of SOL

Walkers is pleased to have acted as Cayman Islands, British Virgin Islands ("BVI") and Bermuda* counsel to Parkland Fuel Corporation ("Parkland") on their acquisition of 75% of SOL Investments Limited (“SIL”) and its subsidiaries (collectively, “SOL”), the largest independent fuel marketer in the Caribbean.

Parkland acquired 75% of the issued and outstanding shares in the capital of SIL for a total consideration of US$1.21 billion plus customary post-closing adjustments on a cash-free and debt-free basis, with SOL Limited acquiring approximately 9.9% of the common shares in the capital of Parkland. The remaining 25% of the shares outstanding in SIL are subject to a minority purchase/sale right pursuant to which Parkland may elect to acquire or SOL Limited may elect to sell the remaining shares in the capital of SIL.

Walkers' three Americas offices worked in concert on this transaction with onshore Canadian counsel Torys LLP. Across the three jurisdictions Walkers provided corporate, finance, real estate, regulatory and employment advice and co-ordinated 12 different counsel in 23 jurisdictions across the Caribbean. Cayman Islands partners Andrew Barker (corporate) and Paige Gaston-Thiery (finance) led the Cayman Islands legal team with assistance from Nick Dunne (employment), Stuart Rowe (real estate), Christopher Brett-Young (corporate), Craig McDermaid (corporate) and Sarah Dombowsky (finance). The Walkers Bermuda team was led by partner Natalie Neto (corporate) with assistance from Paul Nystrom (corporate), and the Walkers BVI team was led by partner Patrick Ormond (corporate) with assistance from Lisa Penn-Lettsome (regulatory) and Lauren Williamson (corporate).

Andrew Barker commented: "We are delighted to have worked with our client Parkland on one of the largest and most significant M&A transactions to take place within the Caribbean region. Our role in this acquisition emphasises the strength and depth of our multi-disciplinary expertise across multiple jurisdictions."

Parkland is Canada's largest and one of North America's fastest growing independent suppliers and marketers of fuel and petroleum products, and a leading convenience store operator.
SOL is the largest independent petroleum marketing company in the Caribbean region, providing fuels, lubricants, LPG products and an extensive network of service stations.

*Walkers works in exclusive association with Kevin Taylor, trading as 'Walkers Bermuda', a full service commercial law firm providing advice on all aspects of Bermuda law. The title of 'partner' is used to refer to a consultant or employee of Walkers Bermuda with equivalent standing and qualifications to a partner of Walkers.

Natalie NetoPartnerT +1 441 242 1533natalie.neto@walkersglobal.com
Nathalie WestSenior CounselT +1 441 242 1523nathalie.west@walkersglobal.com

Lauren WilliamsonSenior AssociateT +1 284 852 2273lauren.williamson@walkersglobal.com

Andrew BarkerPartnerT +1 345 914 4282andrew.barker@walkersglobal.com
Nick DunnePartnerT +1 345 814 4548nick.dunne@walkersglobal.com
Christopher Brett-YoungSenior CounselT +1 345 814 4598 christopher.brettyoung@walkersglobal.com
Sarah DombowskyAssociateT +1 345 814 4531sarah.dombowsky@walkersglobal.com

Patrick OrmondPartnerT +44 (0)20 7220 4983patrick.ormond@walkersglobal.com
Craig McDermaidSenior AssociateT +44 (0)20 7903 8701craig.mcdermaid@walkersglobal.com

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