Canadian firm Parkland Fuel Corporation is set to acquire 75 percent of Sol, the largest independent fuel marketer in the Caribbean and one of Cayman’s main fuel suppliers.
The agreement was announced late Wednesday (10 October) in a joint statement.
Under the acquisition agreement, Sol’s operating brands will remain in place, and the Sol business will retain key management and continue to be managed from the Caribbean.
The multi-million dollar deal is still subject to regulatory approvals. The closing of the deal is expected at the end of this year’s fourth quarter.
We reached out to Sol’s local representatives. They said since the transaction is still to be closed there is very little that can be said at this stage when it comes to the impact of Cayman’s operations.