Mexico-based retail and beverage company FEMSA will bring its chain of OXXO convenience stores across the border after striking a $385 million deal with Tennessee-based gas station chain Delek.
FEMSA announced the acquisition of 249 DK supermarkets in a press release on August 1. The cash-free and debt-free purchase includes a small fuel transport fleet and inventory.
About 90% of Delek’s DK brand convenience stores are located in Texas, including two stores in Fredericksburg and others in the northern Hill Country. The remaining stores are primarily in New Mexico, with a few stores in Arkansas.
“Importantly, (this deal) allows us to attract a competitive partner for ongoing and expanded retail sales of fuels,” Delek CEO Avigal Soreq said in a statement. “We look forward to growing this partnership with FEMSA both in the near and long term.”
FEMSA, short for Fomento Económico Mexicano SAB de CV, currently operates more than 30,000 locations of its OXXO-branded fuel and retail chain in 11 countries. This is the first time OXXO has expanded in the United States in its 45-year history.
“At FEMSA, we have long had the ambition to enter the U.S. convenience and mobility industry, and this transaction represents the ideal way for us to take our first step into this attractive market,” said José Antonio Fernández Garza-Lagüera, CEO of FEMSA’s retail business, in a statement.
The deal is expected to close later this year.
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