Imperial Oil to sell 497 retail stations for C$2.8 billionStaff writer ▼ | March 11, 2016
Imperial Oil has reached agreements with five fuel distributors in Canada to sell its remaining 497 company-owned Esso retail stations.
Fuel in Canada Esso retail stations to be sold
These distributors have a proven track record of providing high-quality customer service and operational excellence within the fuels marketing industry in Canada.
“We believe these agreements represent the best way for Imperial to grow in the highly competitive Canadian fuels marketing business,” said Rich Kruger, chairman, president and chief executive officer of Imperial.
“The Esso brand has a leading presence in Canada through our distributor network and strong prospects for continued growth to the benefit of our customers and shareholders.”
More than 1,700 Esso retail stations currently operate in Canada. The sales are anticipated to close by year-end 2016, subject to regulatory approvals. Proceeds from the transactions are valued at about C$2.8 billion. ■