CST Brands to acquire general partner of Lehigh Gas Partners

San Antonio, Texas - CST Brands Inc. has entered into definitive agreements to purchase 100% of the membership interests of Lehigh Gas GP LLC, the general partner of Lehigh Gas Partners LP, from Lehigh Gas Corporation.The aggregate consideration will be $17 million in cash and approximately two million CST shares.



Based on the closing share price of CST Brands stock as of Aug. 5, the total consideration is currently valued at approximately $85 million. Joe Topper, the chairman and CEO of LGP, will continue as president and CEO of LGP and will join the board of directors of CST Brands.



CST expects to grow both its fuel and convenience store count and wholesale fuel business through the acquisition. The transaction is expected to close in fourth quarter 2014. The CST board also authorized the repurchase of up to $200 million of CST Brands’ common stock.