Couche-Tard HK Limited entered into a sale and purchase agreement to acquire Convenience Retail Asia (BVI) Limited from Convenience Retail Asia Limited (SEHK:831) for HKD 2.8 billion on November 5, 2020. As a part of transaction, Couche-Tard HK Limited will acquire 768.154974 million shares in Convenience Retail Asia (BVI) Limited at HKD 3.63 per share on a cash-free and debt-free basis. Consideration includes approximately HKD 344 million of cash of Convenience Retail Asia (BVI) Limited. The final purchase price will be subject to working capital and other balance sheet adjustments. Convenience Retail Asia Limited also intends to declare a special cash dividend of HKD 3.85 per share, subject to satisfaction of certain conditions, on or around December 31, 2020. Transaction will be financed through available cash on hand and existing credit facilities. Post transaction, Convenience Retail Asia Limited will not hold an interest in Convenience Retail Asia (BVI) Limited. Convenience Retail Asia Limited reported a profit before tax of approximately HKD 201 million, profit after tax of approximately HKD 174 million, total assets of approximately HKD 1.924 billion and net assets of approximately HKD 540 million for the year ended December 31, 2019. As a part of transaction, Pak Chi Kin, an Executive Director to resign from the Board of Convenience Retail Asia Limited and to join Convenience Retail Asia (BVI) Limited. Transaction is subject to approval from shareholders of Convenience Retail Asia Limited, regulatory clearances and other customary closing conditions. The shareholders of Convenience Retail Asia Limited has approved the transaction. Transaction is expected to close by December 31, 2020. Completion is expected to take place in 2020. The Board of Convenience Retail Asia Limited intends to apply all of the net proceeds from the disposal to the payment of the special cash dividend. The Hongkong and Shanghai Banking Corporation Limited acted as financial advisor to Convenience Retail Asia Limited. Couche-Tard HK Limited completed the acquisition of Convenience Retail Asia (BVI) Limited from Convenience Retail Asia Limited (SEHK:831) on December 21, 2020. All customary closing conditions, as specified in the purchase agreement, have been completed.