01:53 PM EDT, 08/01/2024 (MT Newswires) -- Fomento Economico Mexicano (FMX) said Thursday it has struck a deal to buy Delek US Holdings' ( DK ) retail operations for $385 million on a cash-free, debt-free basis, including inventories.

The acquisition of 249 stores mainly in Texas marks its entry into the convenience store industry in the US, the firm said. It expects to close the deal in H2.

Delek, a downstream energy company, is carving out its retail operations for the transaction, according to the statement.

FEMSA shares were down about 1.4% in recent trading while Delek was 0.6% lower.

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