Cenovus announces sale of Husky retail fuels network
Torys acted as counsel to Cenovus with a team that included Derek Flaman, Peter Danner, Amy Maginley, Tanis Makowsky and Collin Intrater (corporate/M&A), Andrew Bedford (real property), Tom Stevenson (employment), Nicole Zeit (IP), Omar Wakil and Eric Patenaude (competition).
On November 30, 2021, Cenovus Energy Inc. (“Cenovus”) reached agreements to sell its Husky retail fuels network, consisting of 337 gas stations, to Parkland Corporation and Federated Co-operatives Limited for total cash proceeds of C$420 million.
Cenovus is retaining its commercial fuels business, which includes approximately 170 cardlock, bulk plant and travel centre locations.
The transaction is expected to close in mid-2022, subject to approval under the Competition Act (Canada) and other customary closing conditions.
Further information can be found on Globe Newswire’s website.
Cenovus is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States.
Parkland is a leading convenience store operator and independent supplier and marketer of fuel and petroleum products. It services customers across Canada, the United States, the Caribbean region, and the Americas through three channels: Retail, Commercial and Wholesale.
Federated Co-operatives Limited, based in Saskatoon, is focused on providing more than 160 local Co-ops across Western Canada with strategy and leadership, wholesaling, manufacturing, logistics, operational support, business-enabling services and marketing support.