Albertson's LLC has agreed to sell 72 convenience stores and fueling kiosks to Valero (NYSE: VLO). No financial terms were disclosed. Albertson's was taken private in 2006 by Cerberus Capital Management, Kimco Realty Corp., CVS Caremark and Supervalu Inc.
Valero (NYSE: VLO) announced today that it has signed an agreement to purchase 72 convenience stores and fueling kiosks from Albertson's LLC. Once completed, the transaction will expand Valero's company-owned retail presence in
Terms of the deal were not disclosed. The transaction is expected to close in August 2008, subject to customary governmental approvals, after which the newly purchased sites will be reimaged to the Corner Store brand and will sell Valero-branded fuel.
“This transaction offers great synergies with our existing retail network and supply chain,” said Gary Arthur, President of Valero's Retail Division. “All of these sites are relatively new and offer strong potential for merchandise growth.”
The greatest concentration of the newly acquired sites is in the Dallas-Fort Worth, greater Denver, Baton Rouge/Lafayette and Phoenix markets.
The transaction is part of recent enhancements Valero has made to its retail operations, which have included the addition of the new Cibolo Mountain coffee