MONTH-IN-BRIEF (Jun 2022)
Goodwill, Non-Compete Provisions & the Federal Trade Commission
On June 13, 2022, as a condition to allowing ARKO Corp. to acquire indirectly certain retail fuel assets, including sixty Express Stop retail locations from Corrigan Oil Company, the Federal Trade Commission (“FTC”) reduced the duration of the non-competition provision. In addition to duration, the FTC challenged the geographic scope of the non-compete. The proposed consent decree also required the parties to rescind parts of their asset purchase agreement so as to release back to Corrigan five local retail fuel locations in Michigan. The vote of the commissioners was unanimous.