Exxon's Canadian Unit Sells Gas Stations for $2.1 Billion

CALGARY, Alberta—The Canadian unit of Exxon Mobil Corp. said Tuesday it has agreed to sell its remaining company-owned retail gas stations in Canada to five fuel distributors.

Imperial Oil Ltd. said the deal for 497 Esso-branded outlets across Canada is worth 2.8 billion Canadian dollars ($2.1 billion). The transaction is expected to close at the end of the year subject to regulatory approvals.

The buyers include Alimentation Couche-Tard Inc. for stations in Ontario and Quebec, 7-Eleven Canada Inc. for sites in Alberta and British Columbia, Harnois Groupe pé trolier Inc. for sites in Quebec, Parkland Fuel Corp. for Saskatchewan and Manitoba and Wilson Fuel Co. for sites in Nova Scotia and Newfoundland.

"We believe these agreements represent the best way for Imperial to grow in the highly competitive Canadian fuels marketing business," Imperial Chief Executive Rich Kruger said in a statement.

The stations involved in the deal are among 1,700 Esso retail outlets in Canada that are supplied by Imperial, which acts as a wholesaler.

The deal concludes a sale process that Imperial initiated early last year.

Write to Chester Dawson at [e-mail]

(END) Dow Jones Newswires

March 08, 2016 18:05 ET (23:05 GMT)

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