Parkland Corporation to Divest Canadian Propane Business for $115 Million

 Parkland Corporation (TSX: PKI) announced on June 5, 2024, that it has entered into an agreement to sell its Canadian commercial propane business to Avenir Energy Ltd. for approximately $115 million in cash. As part of the agreement, Parkland will also become the exclusive fuel supplier for the next ten years.

Ian White, President of Parkland Canada, commented, "This divestment is a significant step towards our goal of raising $500 million through the sale of non-core assets by the end of 2025. Focusing on our core operations allows us to streamline and improve returns. We are confident in our ability to achieve growth and create value in our Canadian operations."

The transaction, pending specific closing conditions, is expected to finalize in the fourth quarter of 2024, with Scotiabank acting as the financial advisor.

Parkland operates in 26 countries across the Americas, serving over 1 million customers daily. The company’s retail and commercial operations provide essential fuel and convenience services, along with renewable fuels, carbon trading, solar power, and ultra-fast EV charging options. Parkland’s strategy focuses on Customer Advantage and Supply Advantage, aiming to offer competitive pricing, reliable service, and a strong loyalty program while maintaining cost-effective supply and logistics operations.


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