Definitive Agreement Signed for FEMSA’s Acquisition of Retail Assets from Delek US
01 Agosto 2024 - 7:30AM
Business Wire
FEMSA (NYSE:FMX) and Delek US Holdings, Inc. (NYSE:DK) (“Delek”)
have entered into a definitive agreement, whereby a subsidiary of
FEMSA will acquire 100% of the equity interests in the Delek
subsidiaries that operate Delek’s retail business (“Delek US
Retail”) for cash consideration of $385 million (the
“Transaction”), including the purchase of inventories. The
transaction is anticipated to close sometime late in the third
quarter or in the fourth quarter 2024.
Delek US Retail is a leading convenience store chain with 249
corporate stores operating primarily in the southwestern United
States including locations in Texas and New Mexico. Delek operates
company stores under the DK brand. FEMSA is one of the largest
conglomerates in Mexico with operations in over 17 countries.
Through FEMSA’s Proximity & Health Division it operates OXXO;
the largest small-format proximity store operator in the Americas
with over 22,800 stores in 5 countries, including Mexico, Colombia,
Chile, Peru and Brazil.
José Antonio Fernández Garza-Lagüera, CEO of FEMSA’s retail
operations, commented: “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. 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.”
Avigal Soreq, President, and Chief Executive Officer of Delek,
said, “The sale of Delek US Retail to FEMSA is an incremental step
in our commitment to unlock the sum of the parts value inherent in
our system. We are pleased with this transaction and expect to
execute on additional steps to unlock value for our stakeholders.
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.”
Delek’s exclusive financial advisor was Raymond James &
Associates, Inc. and legal advisor was Baker Botts L.L.P.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified downstream energy
company with assets in petroleum refining, logistics, pipelines,
renewable fuels and convenience store retailing. The refining
assets consist primarily of refineries operated in Tyler and Big
Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana
with a combined nameplate crude throughput capacity of 302,000
barrels per day. Pipeline assets include an ownership interest in
the 650-mile Wink to Webster long-haul crude oil pipeline. The
convenience store retail segment operates 249 convenience stores in
West Texas and New Mexico.
The logistics operations include Delek Logistics Partners, LP
(NYSE: DKL). Delek Logistics Partners, LP is a growth-oriented
master limited partnership focused on owning and operating
midstream energy infrastructure assets. Delek US Holdings, Inc. and
its subsidiaries owned approximately 72.6% (including the general
partner interest) of Delek Logistics Partners, LP as of June 30,
2024.
Information about Delek US Holdings, Inc. can be found on its
website (www.delekus.com), investor relations webpage
(ir.delekus.com), news webpage (www.delekus.com/news) and its
Twitter account (@DelekUSHoldings).
About FEMSA
FEMSA is a company that creates economic and social value
through companies and institutions and strives to be the best
employer and neighbor to the communities in which it operates. It
participates in the retail industry through a Proximity Americas
Division operating OXXO, a small-format store chain, and other
related retail formats, and Proximity Europe which includes Valora,
our European retail unit which operates convenience and
foodvenience formats. In the retail industry it also participates
through a Health Division, which includes drugstores and related
activities and Digital@FEMSA, which includes Spin by OXXO and Spin
Premia, among other digital financial services initiatives. In the
beverage industry, it participates through Coca-Cola FEMSA, the
largest franchise bottler of Coca-Cola products in the world by
volume. Across its business units, FEMSA has more than 392,000
employees in 18 countries. FEMSA is a member of the Dow Jones
Sustainability MILA Pacific Alliance, the FTSE4Good Emerging Index
and the Mexican Stock Exchange Sustainability Index: S&P/BMV
Total México ESG, among other indexes that evaluate its
sustainability performance.
Safe Harbor Provisions Regarding Forward-Looking Statements
This press release contains forward-looking statements that are
based upon current expectations and involve a number of risks and
uncertainties. Statements concerning current estimates,
expectations and projections about future results, performance,
prospects and opportunities and other statements, concerns, or
matters that are not historical facts are “forward-looking
statements,” as that term is defined under the federal securities
laws.
Investors are cautioned that the following important factors,
among others, may affect these forward-looking statements. These
factors include but are not limited to: risks and uncertainties
with respect to the quantities and costs of crude oil obtained and
the price of the refined petroleum products that are ultimately
sold; gains and losses from derivative instruments; changes in the
scope, costs, and/or timing of capital and maintenance projects;
managements’ ability to execute its strategy of growth through
acquisitions and the transactional risks associated with
acquisitions; acquired assets may suffer a diminishment in fair
value which may result in a need to record a write-down or
impairment in carrying value of the asset on the balance sheet and
a resultant loss recognized in the statement of operations; the
effect on the companies’ financial results by the financial results
of other entities in which significant equity investment are held;
operating hazards inherent in transporting, storing and processing
crude oil and intermediate and finished petroleum products;
competitive positions and the effects of competition; the projected
growth of the industries in which the companies operate; general
economic and business conditions, particularly levels of spending
relating to travel and tourism or conditions affecting the
southeastern United States and other markets where the companies
participate; and other risks contained in Delek US’ filings with
the United States Securities and Exchange Commission
Forward-looking statements should not be read as a guarantee of
future performance or results and will not be accurate indications
of the times at or by which such performance or results will be
achieved. Forward-looking information is based on information
available at the time and/or management’s good faith belief with
respect to future events and is subject to risks and uncertainties
that could cause actual performance or results to differ materially
from those expressed in the statements. Delek US and FEMSA
undertake no obligation to update or revise any such
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240801976109/en/
Investor Relations and Media/Public Affairs Contact:
investor.relations@delekus.com
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