7-Eleven says it has agreed to buy retail interests in 51 North Texas sites from ExxonMobil; most of the locations will be rebranded as 7-Eleven but retain Exxon gasoline brand
August 17, 2011
– Convenience store operator 7-Eleven Inc. said Tuesday that it has agreed to buy retail interests in 51 North Texas sites from Exxon Mobil Corp.
Financial terms of the deal were not disclosed.
The transaction is expected to close toward the end of the year.
The sites are all in the Dallas-Fort Worth area and include two unused parcels of land, the company said.
Most of the locations will be rebranded as 7-Eleven stores, although the stations will retain the Exxon gasoline brand.
The convenience store giant said it expects to complete remodeling and rebranding the locations by the end of next year.
7-Eleven operates and franchises 339 stores in the greater Dallas-Fort Worth and Austin areas of Texas. The company has added seven stores in these areas since the start of the year.
Shares of Exxon Mobil fell 79 cents to close at $73.50.
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