TORONTO -- Brookfield Business Partners LP has closed its transaction to acquire Loblaw Cos. Ltd.’s gas-station operations for approximately $540 million ($427.5 million U.S.).
The 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.
The gas stations will be rebranded Mobil as part of an agreement with Imperial Oil, marking the introduction of the Mobil fuel brand into Canada. The company expects to start the rebranding process by early fall. The gas stations will continue to allow customers to collect PC points through Loblaw's PC Plus loyalty program and by using PC Financial products.
Brampton, Ontario-based Loblaw offers grocery, pharmacy, health and beauty, apparel, general merchandise, banking, and wireless mobile products and services through more than 2,300 corporate, franchised and associate-owned locations.
Brookfield Business Partners, Toronto, is a business services and industrial company focused on owning and operating businesses that benefit from barriers to entry or low production costs.