$264 million deal is the largest retail acquisition in the Co-op’s history
(Most of the stations being sold are in B.C. and Alberta)
Saskatoon-based Federated Co-operatives Limited (FCL) is investing $264 million to purchase 181 Husky retail fuel sites in Western Canada from Cenovus Energy Inc., the largest retail acquisition in the Co-op's history.
The December 2021 announcement was made on behalf of local Co-ops in the Co-operative Retailing System.
The acquired retail fuel sites include a mix of gas bars, on-site car washes and convenience stores. Once the deal is complete, FCL said, it will transfer the sites to several independent local co-ops across Western Canada.
"These new locations will strengthen our presence in Western Canada and will bring our unmatched service and support to new geographic areas,” stated the FCL in a release.
The deal is part of about $660 million in asset sales Cenovus announced December 7. It’s subject to regulatory review by the Competition Bureau of Canada, which may determine which sites stay in the deal.
Those that stay will be transferred over to local Co-ops, while others will remain with Husky branding for a short time while being suppled, according to FCL.
Post Your Comment: