Loblaw has completed the sale of its gas business -- comprising of 213 gas stations across the country -- to Brookfield Business Partners for $540 million.
The gas stations will operate under the Mobil fuel brand under an agreement with Calgary-based Imperial Oil, a subsidiary of Houston-based ExxonMobil, one of the biggest integrated oil and gas companies in the United States. The gas stations will continue to allow consumers to collect points through Loblaw's PC Plus loyalty program.
Loblaw announced in April it was selling to Brookfield Business Partners and its partners. At the time the company said it expected to use proceeds from the sale of its fuel business for its corporate activities.
“This is a positive outcome for our customers, our gas station operators, and our company,” said Sarah Davis, the president of Loblaw Companies, in a news release.
Brookfield Business Partners, a unit of Brookfield Asset Management, said it saw potential for expanding the network of Loblaw-owned gas stations and associated kiosks after the deal closed.