Parkland Sells Propane Unit, Eyes Strategic Growth

Parkland (TSE:PKI) has released an update.

Parkland Corporation has struck a deal to sell its Canadian propane business to Avenir Energy Ltd. for $115 million, while also securing a ten-year exclusive fuel supply contract. This move aligns with Parkland’s strategy to divest $500 million in non-core assets by the end of 2025, streamlining operations to enhance returns and fuel growth in their Canadian market. The deal, advised by Scotiabank, is anticipated to conclude in the last quarter of 2024, subject to customary closing conditions.

For further insights into TSE:PKI stock, check out TipRanks’ Stock Analysis page.