On July 17, 2017, Brookfield Business Partners completed its acquisition of 213 gas bars operated by Loblaws Inc. and certain of its affiliates. The purchase price was $540 million, subject to adjustment.
The gas station portfolio will be rebranded to the Mobil fuel band. This will mark the introduction of the Mobil fuel brand in Canada. The gas stations will continue to offer Loblaw’s PC plus loyalty program.
Brookfield Business Partners is a business services and industrial company focused on owning and operating high quality businesses that benefit from barriers to entry and/or low production costs.
Brookfield Business Partners is the flagship listed business services and industrial company of Brookfield Asset Management, a leading global alternative asset manager with approximately $250 billion in assets under management.
Brookfield Asset Management is listed on the New York and Toronto Stock Exchanges under the symbols “BAM” and “BAM.A” respectively.
Norton Rose Fulbright Canada LLP represented Brookfield, led by Mark Convery and assisted by Eric Reither (M&A), Janet Bobechko (environmental), Michael Lieberman, Oliver Moore, Matthew Perron, Alexandra Aversa, Alex Fane, Michael Bolitho, Riley Whitlock, Jillian Karras and Marie-Andrée Thibault (real estate), Sharissa Ellyn (loyalty program), Chris Hunter (intellectual property), Rob Percival (technology), Adrienne Oliver and Barry Segal (tax), Kevin Ackhurst (competition), Jocelyn Reikie and Lauren Day (M&A), and Nicole Sigouin and Amanda Plastina (debt financing).
The lenders, Bank of Nova Scotia and Royal Bank of Canada as joint lead arrangers, were advised by Adam Delean, Don Roger, Nina Mansoori and Nooreen Bhanji of Torys LLP.