TEXAS, USA — The popular Mexican convenience store chain Oxxo is making its debut in the U.S., with an emphasis on Texas.
Fomento Económico Mexicano (FEMSA), Oxxo’s parent company, announced earlier this month that it acquired 249 DK convenience stores, mainly in Texas, in a $385 million deal. The specific store locations aren't clear.
FEMSA plans to make them Oxxo locations, which is well-established in Mexico. About 90% of DK’s stores are in Texas, according to a news release, with the rest mostly in New Mexico and a small presence in Arkansas.
“At FEMSA, we have a long-held ambition to enter the US convenience and mobility industry, and this transaction represents the ideal way for us to take our first step in this compelling market,” said José Antonio Fernández Garza-Lagüera, CEO of FEMSA’s retail operations. “We have been building and expanding our retail operation in Mexico for over 45 years, eventually reaching ten other countries in South America and Europe, and a store base of more than 30,000 locations. As we welcome our new DK colleagues into the FEMSA family, we are excited to embark on this new and important journey together.”
“We are pleased with this transaction and expect to execute on additional steps to unlock value for our stakeholders,” said Delek CEO Avigal Soreq. “Importantly, it allows us to gain a competitive partner for ongoing and expanded retail fuel sales. We look forward to building on this partnership with FEMSA in both the short and long-term. The transaction creates an exciting opportunity for Delek US Retail and its employees as they become part of FEMSA’s growth strategy in the United States.”
The deal is subject to regulatory approvals and is expected to close during the second half of 2024.