Federal Trade Commission Accepts ARKO Corp’s Proposed Consent Agreement for Five ExpressStop Locations
RICHMOND, Va., June 15, 2022 — ARKO Corp. (Nasdaq: ARKO) (“ARKO” or the “Company”), one of the largest convenience store operators and fuel wholesalers in the United States, announced that the Federal Trade Commission (FTC) has approved a Consent Agreement with the Company, resolving concerns about five ExpressStop locations acquired in a 60-store transaction completed on May 18, 2021.
ARKO fully cooperated with the FTC throughout the course of this process and appreciates the Commission’s professionalism and dedication to quickly resolving this issue.
Importantly, as a show of good faith during this process, the Company never acquired fee title to the real estate on which the five stores included in the Consent Agreement are located, to allow the FTC time to evaluate the transaction.
The Company engaged proactively during the FTC’s review of the non-compete agreement entered into with the seller to alleviate the Commission’s concerns regarding any restrictions. Additionally, once the FTC stated its preference regarding the stores, the Company agreed immediately to divest them.
Ultimately, in the full spirit of cooperation, the seller agreed to take back operational control of the five stores included in the Consent Agreement and the Company agreed to restrict the scope of its existing and future non-compete agreements.
ARKO does not believe any aspect of this transaction harmed competition or violated any laws and has already taken steps to comply with the Consent Agreement.
Released June 15, 2022