CALGARY -- Parkland Fuel Corp. says it will acquire a 75 per cent stake in SOL Investments Ltd., an independent fuel marketer in the Caribbean, for $1.57 billion under an agreement with its current owners.

SOL supplies and markets a total of 4.8 billion litres of fuel annually across 23 countries in the Caribbean.

Under the deal, SOL Ltd. will continue to own 25 per cent of SOL Investments and acquire about 12.2 million shares of Parkland Fuel, one of Canada's largest fuel distributors.

SOL Ltd.'s parent, the Simpson Group, will own a 9.9 per cent stake in Parkland.

The transaction is subject to customary consents and regulatory approvals. It is expected to close by the end of the year.

Calgary-based Parkland Fuel is an independent marketer of fuel and petroleum products and a convenience store operator.