RICHMOND, Va.—ARKO Corp. announced that its board of directors increased the company’s previously authorized share repurchase program by an additional $50 million. The company now has availability to repurchase up to an aggregate amount of approximately $59 million of the company’s outstanding shares of common stock under this newly expanded repurchase plan.
“We believe that repurchasing our shares is a compelling use of our capital resources,” said Arie Kotler, chairman, president and chief executive officer of ARKO. “We are encouraged by the traction of our initiatives and progress of our merchandise and fuel strategy to maximize gross profit dollars, and we remain confident in the continued growth of our business. Our last quarter results were strong, as we continued to deliver robust in-store performance as a result of our focus on our key initiatives. We remain deeply committed to maximizing stockholder value creation, and this increase of our repurchase program is aligned with ARKO’s capital allocation framework, ensuring that in addition to growth through M&A and organic initiatives, we also return capital to our stockholders through our share repurchase program.”
Earlier this month, ARKO announced two separate agreements that enhance the company’s dealmaking flexibility and long-term growth strategy.
In March, ARKO announced that the subsidiaries of ARKO have completed a previously announced acquisition, acquiring the assets of Transit Energy Group (TEG) and its affiliates, which operate about 135 convenience stores, supply fuel to about 190 independent dealers and operate a transportation business with 58 trucks and 78 tanker trailers, all in the Southeastern United States.