Brookfield acquires 213 gas stations in Canada

Loblaw is selling its entire gas stations network consisting of 213 sites to Brookfield Business Partners for C$540 million (USD400m).

Loblaw Companies Limited has announced the sale of its gas station network and associated convenience kiosks to Brookfield Business Partners, a New York and Toronto-listed business services and industrial company.

The 213 gas stations will be rebranded as Mobil after Brookfield reached an agreement with Imperial Oil, marking the entry of the Mobil brand to Canada.

"Our investment in Loblaw's leading portfolio of gas stations presents an opportunity to own a business with significant scale, strong customer loyalty, and compelling opportunities for further growth," said Cyrus Madon, CEO of Brookfield Business Partners.

The gas stations will continue to offer Loblaw's PC Plus loyalty program, according to the Canadian retail company.