Loblaw Companies Ltd. (L.TO) and Brookfield Business Partners L.P. (BBU, BBU.UN.TO) said they have entered into a definitive agreement whereby Brookfield Business Partners, and its institutional partners, will acquire 100 per cent of Loblaw's gas station operations for a purchase price of about C$540 million.
The gas station network is one of the largest in Canada and includes 213 retail gas stations and associated convenience kiosks adjacent to Loblaw-owned grocery stores across the country.
Completion of the transaction remains subject to customary closing conditions and is expected to occur in the third quarter of 2017. Loblaw expects to use the proceeds for general corporate activities.
Brookfield is entering into an agreement with Imperial Oil to rebrand the gas station portfolio to the Mobil fuel brand. This will mark the introduction of the Mobil fuel brand in Canada. The gas stations will continue to offer Loblaw's PC Plus loyalty program.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org