Superior Plus entered into an agreement with Gibson Energy to ultimately acquire all of the outstanding shares and units of the entities that carry on the retail propane business of Canwest Propane for a total transaction value of $412 million, subject to certain customary adjustments.

Superior anticipates that the acquisition of the Canwest Securities will occur in the second half of 2017.

Superior has the ability to finance 100% of the purchase price with the available room on its credit facility and additional commitments received from the Bank of Nova Scotia and the Canadian Imperial Bank of Commerce. Depending on market conditions, Superior may consider additional long-term debt financing alternatives to reduce the draw on its credit facilities.

CIBC Capital Markets is acting as financial advisor and Blake, Cassels & Graydon is acting as legal counsel to Superior.