Parkland Fuel Corp. says it will pay $1.46 billion to acquire Chevron Canada's fuel business, including 129 gas stations in the Vancouver area and a refinery in Burnaby, B.C. The sale also involves 37 commercial cardlock and three marine fuelling locations, as well as three terminals in B.C. and a wholesale business that includes aviation fuel sales to the Vancouver International Airport. Parkland CEO Bob Espey says the acquisition will support Parkland's existing operations in B.C., leading to between $35 million and $50 million in annual cost savings after closing. Parkland plans to issue 24 million shares to raise $660 million to help finance the deal.

Source: CBC News April 18, 2017 23:03 UTC