Imperial oil agrees to sell 497 gas station for C$2.8 billion
Canada's second largest integrated energy company has agreed to sell all of its remaining company-owned Esso gas stations to 5 fuel distributors across Canada. Alimentation Couche-Tard got 280 stations; 7-Eleven Canada purchased 144. The balance were split between Harnois Groupe Pétrolier, Parkland Fuel and Wilson Fuel.
There are approximately 1700 Esso gas stations in Canada. Analysts speculate Imperial will use the funds to make acquisitions in the oil sands or buy back shares.