Superior Plus to sell eight distribution hubs in agreement with Competition Bureau
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Hey there, time traveller!
This article was published 31/05/2023 (1249 days ago), so information in it may no longer be current.
CALGARY – Superior Plus Corp. has agreed to sell eight propane distribution hubs in northern Ontario to address the concerns of the Competition Bureau about its deal to buy Certarus Ltd.
The federal competition regulator had concluded that the transaction would likely result in a substantial lessening of competition for the retail supply of portable heating fuels — propane and natural gas — for industrial customers in northern Ontario.
The regulator said that in addition to being each other’s closest competitor, there is a limited number of alternative suppliers in the region and the barriers to entry are high.
In a consent agreement with the Competition Bureau, Superior Plus agreed to sell the distribution hubs, including customer contracts and associated operating assets at each location.
The sale will be made to an independent purchaser to be approved by the commissioner of competition.
Superior Plus announced its deal to buy Certarus, a privately owned distributor of compressed natural gas, renewable natural gas and hydrogen, in December 2022 in an agreement valued at $1.05 billion including debt.
This report by The Canadian Press was first published May 31, 2023.
Companies in this story: (TSX:SPB)