Loblaw Cos. said Monday it has completed the sale of its gas stations to Brookfield Business Partners for approximately $540 million (Canadian; about $438 million U.S.).
The deal, which gets Loblaw out of the volatile fuel business but retains its loyalty programs associated with those locations, was initially announced in April.
The 213 gas stations and associated convenience kiosks are located adjacent to Loblaw-owned grocery stores across Canada. Brookfield said Monday it would rebrand the sites under the Mobil brand as part of an agreement with Imperial Oil, marking the introduction of the Mobil fuel brand in Canada. The stations are currently branded under various names including Loblaw at the Pump. The rebranding is expected to commence by early fall.
The gas stations will continue to allow customers to collect PC points through Loblaw's PC Plus loyalty program.