Sept. 10 (UPI) -- The RaceTrac convenience store company announced Wednesday that it has purchased the Potbelly sandwich shop company for millions in cash.
RaceTrac and Potbelly "have entered into a definitive merger agreement pursuant to which RaceTrac will commence a tender offer to acquire all of the outstanding shares of Potbelly for $17.12 per share, in an all-cash transaction with an equity value of approximately $566 million."
The deal is expected to close later this year once regulatory approvals and any customary closing conditions are resolved.
The Racetrak company has over 800 convenience locations and around 1,200 Gulf branded locations across the United States.
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