7-Eleven, Inc. has agreed to acquire ExxonMobil's (NYSE:XOM) retail interests in 51 North Texas sites. The transaction is anticipated to close in late 2011, subject to standard closing conditions and regulatory approvals. Terms of the deal were not disclosed.
The 51 sites, all of which are in the greater Dallas/Fort Worth area, include two unused parcels of land. The majority of locations will be rebranded as 7-Eleven stores. The stations will retain the Exxon gasoline brand, allowing consumers to continue to purchase the same high-quality Exxon fuels and use their ExxonMobil credit cards and Speedpass devices.
"This acquisition fits well with our aggressive growth strategy," said Sean Duffy, 7-Eleven vice president of mergers and acquisitions. "In terms of store growth, 2011 promises to be 7-Eleven's biggest year since 1986."
After the transaction closes late this year, 7-Eleven will start remodeling and rebranding the locations, with the bulk of the work anticipated to be completed by the end of 2012.
7-Eleven will extend job offers to ExxonMobil employees who are affected by this acquisition upon successful completion of their pre-employment screening process and continued satisfactory performance.
Currently, 7-Eleven, Inc. operates and franchises 339 stores in the greater DFW and Austin areas of Texas (239 are in DFW). The company has added seven 7-Eleven stores in these areas since the start of 2011.