Quaker State Oil Agrees to Acquire Arctic Circle Inc.

Quaker State Oil Refining Corp. said Monday that it has reached a definitive agreement to buy Arctic Circle Inc., which owns and franchises chains of restaurants and lubrication centers, in an exchange of stock valued at about $29 million.

The acquisition, subject to approval by Arctic Circle shareholders, would exchange 1.425 million shares of Quaker State common stock for all of the stock of Arctic Circle, a closely held company.

Arctic Circle, through its Minit-Lube division, owns or franchises a chain of more than 90 lubrication centers, mostly in the West. It also owns or franchises more than 100 Arctic Circle restaurants.