Last week, FEMSA and Delek US Holdings reached a definitive agreement for the sale of Delek’s retail business to FEMSA for $385 million. The acquisition, which includes inventories, should be complete in the late third quarter or in the fourth quarter of this year.

“Today we have reached a remarkable milestone for FEMSA. I’m thrilled to announce we have signed an agreement to acquire 249 convenience stores and gas stations from Delek US Holdings, Inc. We are confident that this acquisition is a great win to expand our global footprint and retail portfolio in accordance with our #FEMSAForward strategy,” said Jose Antonio Fernandez Garza, the CEO of FEMSA Retail, via a LinkedIn post.

The CEO added, “I am confident that the best practices we have developed in store expansion, supply chain management, segmentation and pricing at our #ProximityandHealth Mexico, Latin-American and European markets will enable us to thrive in the U.S. Additionally, this will provide us with invaluable opportunities to learn and grow. This is just the first step on a long-term journey to serve and simplify the lives of consumers in the U.S.”

Delek has 249 stores throughout the Southwestern region of the United States, primarily in Texas and New Mexico, under the DK brand. FEMSA is based out of Mexico and runs operations in over 17 countries, including its OXXO brand, the largest small-format proximity store operator in the Americas with over 22,800 stores in five countries, including Mexico, Colombia, Chile, Peru and Brazil.

“Delek’s Retail operations will serve as OXXO’s U.S. anchor. This deal unlocks the value of our retail stores and is designed to bring opportunities to all employees, regardless of their area of operation. I’m excited about the opportunities ahead and the future relationship with the CEO of FEMSA Proximity and Health Division Jose Antonio Fernandez Garza and the FEMSA team,” said Avigal Soreq, the president and CEO of Delek US, via a LinkedIn post.