(Reuters) - Canadian grocery and pharmacy retailer Loblaw Cos Ltd (L.TO) said on Wednesday it would sell its gas station business to asset manager Brookfield Business Partners LP BBU_u.TO for about C$540 million ($402.17 million).
The sale includes Loblaw’s 213 retail gas stations and convenience stores adjacent to the gas stations across Canada.
This deal will mark the introduction of the Mobil fuel brand in Canada, the companies said in a joint statement.
Chevron Corp (CVX.N) also sold its Canadian gasoline stations and refinery in British Columbia to Parkland Fuel Corp PKI.TO, a marketer of petroleum products, for C$1.46 billion on Tuesday.
Loblaw said the deal is expected to close in the third quarter of 2017.
RBC Capital Markets will serve as financial adviser to Loblaw, while Scotiabank will serve as Brookfield Business Partners’ financial adviser.
Reporting by Ahmed Farhatha in Bengaluru; Editing by Shounak Dasgupta