Parkland Sells Its Canadian Propane Business to Avenir Energy
Parkland Corporation announced that it has entered into an agreement to sell its Canadian commercial propane business to Avenir Energy for approximately $115 million in cash and to exclusively supply the fuel for a period of ten years.
"This transaction is an important step toward our goal of generating $500 million in proceeds from divestitures of non-core assets by the end of 2025," said Ian White, President of Parkland Canada. "By focusing on our core assets, we are simplifying our business to improve returns. We continue to see significant opportunities to realize growth and value from our Canadian business, driven by our customer-centric focus."
Subject to certain closing conditions, the transaction is expected to close in the fourth quarter of 2024. Scotiabank acted as financial advisor for the divestment.
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