Applegreen has acquired a 40% stake in a chain of US service stations for $37.6 million dollars.

The Irish fuel forecourt operator forms part of a consortium that will acquire 23 service plazas, which are located on highways between New York City and Boston, Massachusetts - all heavily trafficked routes.

The 23 service plazas benefit from exclusive rights along the I-95, I-395 and Route 15 highways in the State of Connecticut which was granted under an agreement with the Connecticut Department of Transportation.

The plazas offer essential services including fuel, quick-service food and beverage, retail, restroom and other facilities, operating 24 hours a day and 7 days a week.

The acquistion supports Applegreen's objective to reduce dependency on fuel sales through the addition of more food and beverage operations.

Applegreen also has the option of increasing its stake to 60 percent in five years' time.