SASKATOON - Federated Co-operatives Limited has announced it has agreed to invest $264 million to purchase 181 Husky retail fuel sites from certain wholly-owned subsidiaries of Cenovus Energy Inc., the largest retail acquisition in Co-op's history.
The announcement was made on behalf of local Co-ops in the Co-operative Retailing System
The acquired retail fuel sites include a mix of gas bars, on-site car washes and convenience stores. Once the deal is complete, FCL says, it will transfer the sites to several independent local co-ops across Western Canada.
"These new locations will strengthen our presence in Western Canada and will bring our unmatched service and support to new geographic areas,” stated the FCL in a release.
The purchase of the 181 retail fuel sites is subject to certain customary closing conditions, including clearance by the Canadian Competition Bureau.