Parkland has announced that it expects to close the deal on a transaction with Sunoco this Halloween, which includes the Burnaby refinery.
The deal, which would see Sunoco acquiring all outstanding shares of Parkland, is worth USD $9.1 billion.
Earlier this year, we reported that Unifor was raising concerns about the sale to the American firm when it was first proposed.
Unifor said the Burnaby refinery was one of the province’s last. And that if the deal were to close, it would be sold to Sunoco, an “American energy giant” headquartered in Dallas, Texas. The union had raised its concerns as political and energy concerns related to the trade war between the U.S. and Canada were making headlines.
Parkland says that the Burnaby refinery provides 25 per cent of Vancouver’s gasoline supply, and 30 per cent of Vancouver International Airport’s jet fuel.
“Following completion of the transaction, Parkland shares will be delisted from the Toronto Stock Exchange,” Parkland said in a release this week.
“Common Units representing limited liability company interests in SunocoCorp (“SunocoCorp Units”), to be issued to shareholders of Parkland in connection with the transaction, are expected to begin trading on the New York Stock Exchange on Nov. 3, 2025, under the ticker symbol ‘SUNC.’”
Earlier this month, Parkland revealed that the transaction had received approval under the Investment Canada Act.
Aside from the Burnaby refinery, Parkland also operates gas stations from brands like Esso, Chevron, and Fas Gas Plus. It also holds the right to On the Run in Canada, and it also franchises Triple O’s in Alberta, B.C., and Ontario. It remains to be seen how the transaction may impact these brands.
According to Parkland, which acquired the Burnaby location in 2017, the refinery has been an integral member of the community since 1935.
“This is one of Canada’s only remaining West Coast refineries,” Parkland says.
“The all-cash elected consideration and all SunocoCorp Unit elected consideration are subject to proration, maximum amounts and adjustments in accordance with the Plan of Arrangement,” Parkland added.
All that stands in the way of the sale going through is the satisfaction or waiver of customary closing conditions.
We contacted Unifor for comment on the latest developments of this transaction, but the union did not have a comment to offer at this time.