Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA), a Monterrey-based conglomerate, has announced its foray into the U.S. convenience store market through a significant acquisition of Delek US Holdings Inc.’s retail operations for $385 million. Delek US, a diversified downstream energy company focusing on petroleum refining, is divesting its chain of 249 convenience stores, predominantly located in Texas, as part of a broader strategy to unlock value. The deal, expected to close in the second half of 2024, aligns with FEMSA’s strategy to build a scalable platform in the fragmented $850 billion U.S. convenience marketplace, leveraging its extensive retail experience garnered through its OXXO stores in Latin America. The acquisition also includes gasoline stations and a small fuel transportation fleet. FEMSA’s CEO, José Antonio Fernández Garza-Lagüera, highlighted the strategic fit, noting that this move marks the company’s long-held ambition to enter the U.S. market. Meanwhile, Delek CEO Avigal Soreq emphasized that the transaction will enable Delek to focus on further unlocking stakeholder value and building a competitive partnership with FEMSA.
Retail, Energy & Petroleum, Mergers & Acquisitions,United States, Mexico
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