The company that owns thousands of Oxxo convenience stores in Mexico is crossing the border into El Paso and other parts of West Texas and New Mexico.
Fomento Economico Mexico, or Femsa, based in Monterrey, Mexico, has agreed to buy the 249 DK convenience stores from Tennessee-based oil refiner Delek US Holdings for $385 million in cash.
DK conveniences stores operate in West Texas, including 77 in El Paso, Central Texas, New Mexico, and Arkansas.
The deal, announced Aug. 1, is expected to become final before the end of this year.
The pending sale comes only 1½ years after Delek completed renaming its 7-Eleven-branded stores in El Paso to its new DK brand. The stores sell the company’s Alon-branded gasoline.
Delek has owned the conveniences stores for seven years.
It’s one of the major convenience store operators in El Paso, along with Circle K, owned by Canadian company Alimentation Couche-Tard, and Speedway, owned by 7-Eleven Inc., based in the Dallas area.
Delek officials said in a statement that they expect to make a future deal with Femsa to continue supplying gasoline to the stores. The El Paso stores currently get gasoline from Delek’s oil refinery in Big Spring, Texas.