Canadian grocer Sobeys is set to acquire 250 gas outlets from Shell Canada, after posting an increase in half-year profits.
The retailer today (15 December) said it has signed an agreement to acquire gas locations in Atlantic Canada and Quebec. Sobeys added that the transaction is subject to regulatory approval and customary conditions and is expected to close by the end of March.
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The 250 sites will include corporate owned and dealer operated locations and will have annual fuel volumes in excess of 1bn litres, the company added.
“This is an exciting opportunity for us to grow our existing retail gas operations while leveraging our significant wholesale and convenience business to better serve our customers and support our affiliates and dealer operations,” Sobeys president and CEO Bill McEwan said.
Sobeys also posted an increase in half-year sales and profits today. Sobey’s posted net earnings of C$68.5m (US$66.1m) for its second quarter, up 14.7%. Operating profit reached $109.8m for the quarter, an increase of 8% on last year.
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