Cenovus to sell Husky gas stations to Parkland, Co-op

Photo: The Canadian Press

Cenovus CEO Alex Pourbaix speaks at a news conference in Calgary on January 30, 2020.THE CANADIAN PRESS/Jeff McIntosh

Cenovus Energy Inc. says it is selling 337 Husky gas stations for a total of $420 million.

Parkland Fuels says it will buy 156 of the retail fuel stations for $156 million.

Federated Co-operatives Ltd. will buy the remaining 181 stations for $264 million.

Calgary-based Parkland Corp. says the deal will grow its retail presence in Greater Vancouver, Vancouver Island, Calgary, and the Greater Toronto Area.

Saskatoon-based Federated Co-op says the deal is the largest acquisition in its history. Federated Co-op will transfer the sites to several independent local Co-ops across Western Canada.

Cenovus says it will retain its commercial fuels business, which includes approximately 170 cardlock, bulk plant and travel centre locations.

Cenovus acquired Husky Energy Inc. in early 2021.