(Adds details)
April 19 (Reuters) - Canadian grocery and pharmacy retailer Loblaw Cos Ltd L.TO said on Wednesday it would sell its gas station business to asset manager Brookfield Business Partners LP BBU_u.TO for about C$540 million ($402.17 million).
Brookfield said it intends to rebrand the gas stations, through an agreement with Imperial Oil Ltd IMO.TO , to Exxon Mobil (NYSE:XOM) Corp's XOM.N Mobil fuel brand.
The sale includes Loblaw's 213 retail gas stations and convenience stores adjacent to the gas stations across Canada.
This deal will mark the introduction of the Mobil fuel brand in Canada, the companies said in a joint statement. Corp CVX.N also sold its Canadian gasoline stations and refinery in British Columbia to Parkland Fuel Corp PKI.TO , a marketer of petroleum products, for C$1.46 billion on Tuesday. said the deal is expected to close in the third quarter of 2017.
RBC Capital Markets will serve as financial adviser to Loblaw, while Scotiabank will serve as Brookfield Business Partners' financial adviser. ($1 = 1.3427 Canadian dollars)