Loblaw has announced the sale of its 213-strong fuel station network to Brookfield Business Partners, in a deal worth C$540m. The deal also includes the convenience stores attached to the stations.
All of the stations are located next to Loblaw-owned grocery stores, and will be converted to the Mobil brand. The stations will continue to offer Loblaw’s ‘PC Plus’ loyalty programme after the conversion.
Loblaw said it will use the proceeds from the sale to fund its corporate activities, adding: “This is a positive outcome for our customers, our gas station operators, and our company”.
The deal is expected to close in the third quarter of this year.