Brookfield Business Partners has agreed to buy 100% interest in the gas station network of Loblaw Companies for a purchase consideration of $404.5m.
The gas station network encompasses 213 retail gas stations and related convenience kiosks collocated with Loblaw-owned grocery stores across Canada.
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Brookfield will rebrand its gas stations to Mobil fuel brand, upon completion of the transaction. Brookfield has appointed The Bank of Nova Scotia as financial advisor for the transaction.
Loblaw intends to use the proceeds from the sale for general corporate purposes. The deal is scheduled for completion in the third quarter of this year.
Parkland Fuel Corporation intends to raise $499.22m through the issue of approximately 24 million shares in a bought-deal private placement.
The company has appointed TD Securities and National Bank Financial as book-runners, and Bennett Jones as the legal advisor for the placement.
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By GlobalDataThe proceeds from the placement are intended to be used by Parkland Fuel to fund a portion of the acquisition of Chevron Canada R&M ULC.
The private placement is scheduled for completion on or before 9 May.
Ring Energy has completed the acquisition of approximately 33,000 undeveloped acres located in Gaines County, Texas, US.
The deal involved a purchase consideration of approximately $16.6m, which was funded by Ring Energy through the surplus capital obtained from an equity offering.
The acquisition allows Ring Energy to extend its oil and gas acreage position in Texas.
California Resources Corp. (CRC) and Macquarie Infrastructure and Real Assets Fund (MIRA) have established a joint venture for the development of oil and gas properties in the San Joaquin Basin, California, US.
MIRA has committed an initial investment of $160m, which may be increased to $300m in future. It will fund 100% of the development wells, in which it will earn a 90% working interest.
The transaction provides CRC additional flexibility to support its deleveraging efforts by increasing its production and cash flow.
PBF Logistics, through its wholly owned subsidiary PBF Logistics Products Terminals, has completed the acquisition of the refined products terminal located in Toledo, Ohio, US, from Sunoco Logistics Partners.
The Toledo terminal has a storage capacity of 110,000 barrels. The deal involved a cash consideration of $10m and allows PBF Logistics to expand its midstream assets portfolio in Ohio.
