Imperial Oil Ltd., Calgary, is selling its remaining 497 company-owned retail outlets to five fuel distributors for $2.8 billion (Can.).
Distributors and provinces are Alimentation Couche-Tard Inc. for stations in Ontario and Quebec; 7-Eleven Canada Inc., Alberta and British Columbia; Harnois Group petrolier, Quebec; Parkland Fuel Corp., Saskatchewan and Manitoba; and Wilson Fuel Co. Ltd., Nova Scotia and Newfoundland.
“We believe these agreements represent the best way for Imperial to grow in the highly competitive fuels marketing business,” said Rich Kruger, Imperial Oil chairman, president, and chief executive officer.
Imperial said there are more than 1,700 Esso-branded retail outlets in Canada. The sales are expected to close by yearend.
The On the Run/Marche Express convenience store franchise will continue to operate at select retail outlets within the Esso network under the ownership and management of Parkland Fuel.