Oxo’s parent company announced earlier this month that it had acquired 249 DK convenience stores, mostly in Texas, for $385 million.
TEXAS, USA — Popular Mexican convenience store chain Oxxo is expanding into the United States, primarily in Texas.
Oxo’s parent company, Fomento Economico Mexicano S.A. (FEMSA), said earlier this month it had acquired 249 DK convenience stores, mostly in Texas, for $385 million. Specific store locations were not disclosed.
FEMSA plans to turn these stores into Oxxo locations that are well established in Mexico.About 90 percent of DK’s stores are in Texas, with the rest primarily in New Mexico, with a small number in Arkansas, according to a news release.
“FEMSA has had a long-held ambition to enter the U.S. convenience and mobility industry, and this transaction is the ideal way for us to take our first steps into this attractive market,” said José Antonio Fernández Garza Laguerra, CEO of FEMSA’s Retail business. “We have built and expanded our retail operations in Mexico for over 45 years, eventually expanding to 10 countries in South America and Europe with more than 30,000 store locations. We are pleased to welcome our DK colleagues into the FEMSA family and embark on this important new journey together.”
“We are pleased with this transaction and look forward to taking further steps to enhance value for our stakeholders,” said Avigal Sorek, CEO of Delek. “Importantly, this transaction provides us with a competitive partner for continued and expanded retail fuel sales. We look forward to further strengthening this partnership with FEMSA in both the short and long term. This transaction creates an exciting opportunity for Delek U.S. Retail and its employees to be part of FEMSA’s growth strategy in the U.S.”
The transaction is subject to regulatory approval and is expected to close in the second half of 2024.
