Saskatoon-based Federated Co-op inks deal to buy 181 Husky gas bars in Western Canada
In what the company is calling the "largest retail acquisition" in its history, Federated Co-operatives Limited (FCL) has agreed to buy up 181 Husky retail fuel sites in Western Canada.
The $264 million deal would see FCL pick up retail sites that include a mix of gas bars, car washes and convenience stores which would be transferred to several independent local Co-ops across Western Canada
"This historic deal for our organization clearly aligns with our vision of building sustainable communities together and reaffirms our commitment to Western Canada, to our member-owned Co-ops and to their local members and customers,” FCL CEO Scott Banda said in a news release.
"By increasing our retail footprint, we further strengthen our position to meet the needs of our local Co-ops and their communities into the future.”
The deal still needs to be cleared by the Canadian Competition Bureau before its finalized.
Subsidiaries of Cenovus Energy Inc. currently own the sites.